{"id":395875,"date":"2019-09-12T21:00:40","date_gmt":"2019-09-12T21:00:40","guid":{"rendered":"https:\/\/wncen.com\/?p=395875"},"modified":"2024-06-11T13:25:21","modified_gmt":"2024-06-11T13:25:21","slug":"prominent-analyst-bitcoin-may-have-established-mid-term-bottom","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/prominent-analyst-bitcoin-may-have-established-mid-term-bottom\/","title":{"rendered":"Prominent Analyst: Bitcoin May Have Established Mid-Term Bottom"},"content":{"rendered":"

Bitcoin has incurred some upwards momentum today after facing growing selling pressure around $10,000. BTC\u2019s ability to hold above this price level may be a bullish sign, as it signals that bears do not currently have enough strength to send the crypto back to its next major support level in the lower-$9,000 region.<\/p>\n

This bullish response to $10,000 has led one prominent analyst to express that he believes BTC has established a mid-term bottom, which may mean that today\u2019s surge marks the beginning of the next uptrend.<\/p>\n

Bitcoin Run Past $10,300 as Buyers Build Strength<\/strong><\/h2>\n

At the time of writing, Bitcoin<\/a> is trading up nearly 3% at its current price<\/a> of $10,310, which marks a decent surge from its 24-hour lows of $10,000 that were set yesterday.<\/p>\n

It is highly likely that BTC will find some levels of selling pressure in the upper-$10,000 region, as it has faced multiple rejections at this price region over the past several weeks.<\/p>\n

The bullish response to $10,000 signals that this price level remains a key psychological support level and may also signal that further gains are imminent in the coming weeks and months.<\/p>\n

UB, a popular crypto analyst on Twitter, explained in a recent tweet that Bitcoin\u2019s technical formations are currently flashing multiple bullish signs, which has led him to add to his current long position.<\/p>\n

\u201c$BTC – Long from $10,104. I decided to take a more aggressive entry based on my analysis that the temp bottom was in. I entered just above Yesterday’s Daily Open – it was a key intraday S & R level. Most recent hourly closed above the Range Low – looking to add to my long,\u201d he noted.<\/p><\/blockquote>\n

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$BTC<\/a> – Long from $10,104. I decided to take a more aggressive entry based on my analysis that the temp bottom was in. <\/p>\n

I entered just above Yesterday's Daily Open – it was a key intraday S & R level.<\/p>\n

Most recent hourly closed above the Range Low – looking to add to my long. pic.twitter.com\/ADubNhZmZm<\/a><\/p>\n

— UB (@CryptoUB) September 12, 2019<\/a><\/p><\/blockquote>\n