Bitcoin (BTC) bulls have made a move that has taken the price up 8% on the day. The volume and speed of the move has caused some traders to speculate this might continue above $4k especially if resistance at $4100 is decisively broken.
However, before we get too euphoric we should note that the BRTC/USD price just hit the top of the trading range-
For most traders this will be the time to take profits and take off some risk on both ETH and BTC. However the speed and volume with which this move happened makes 4k$ a possible target in the short term.
Crypto trader TheCryptoDog tweeted that this may be the start of an Adam and Eve formation marking the bottom of the market:
“I would love to see an Adam & Eve bottom reversal for $BTC & $crypto. I find it hard to believe it’ll be that easy, but by golly would it make for a triumphant Q1.”
Once the price climbs above the 21 Day EMA, we will have confirmation that a sustained rally to the upside can be expected in the weeks to follow.
Images courtesy of TheCryptoDog
Comments are off this post!