{"id":402434,"date":"2019-10-26T20:30:19","date_gmt":"2019-10-26T20:30:19","guid":{"rendered":"https:\/\/wncen.com\/?p=402434"},"modified":"2024-06-11T13:31:32","modified_gmt":"2024-06-11T13:31:32","slug":"analyst-one-week-bullish-bitcoin-price-reversal","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/analyst-one-week-bullish-bitcoin-price-reversal\/","title":{"rendered":"Analyst: One-Week Chart Implies Bullish Bitcoin Price Reversal"},"content":{"rendered":"

The Bitcoin price has seen a crazy past 36 to 48 hours. After tumbling to as low as $7,300 in the middle of this week for seemingly no reason, BTC shot higher on Friday and Saturday, blowing the socks of traders the industry over. In fact, $400 million worth of BitMEX long and short positions were liquidated over a recent trading session.<\/p>\n

While undeniably positive in and of itself, it is important to note that this gargantuan move, which brought Bitcoin as high as $10,600 on some exchanges<\/a>, does not confirm a bullish trend reversal.\u00a0However, technical signals are implying that the grip that bears have had on BTC for months is likely loosening.<\/p>\n

Related Reading: Exhausted Bitcoin Price Down 13% From $10,500 Daily High<\/a><\/h6>\n

Bitcoin Prints Reversal Candle<\/strong><\/h2>\n

If you’ve been keeping a close eye on the cryptocurrency charts in the past few hours, you know Bitcoin’s bullish momentum has been lost. The cryptocurrency is now trading at $9,100 \u2014 nearly $1,500 shy from the weekly high \u2014 and bears seem to have resumed control of the market.<\/p>\n

However, analyst CryptoHamster recently observed that Bitcoin is still looking bullish on higher time frames. They recently posted the chart below, which shows that Bitcoin’s current one-week Heikin-Ashi candle has two tall wicks on either side and a skinny green body. For those not versed in technical analysis, this implies a “potential trend reversal.”<\/p>\n

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BTCUSD, 1W, Heikin-Ashi.
\ud83d\udc40\ud83e\udd14
$BTC<\/a> $BTCUSD<\/a> #bitcoin<\/a> pic.twitter.com\/uyo2WwnnWS<\/a><\/p>\n

— CryptoHamster (@CryptoHamsterIO) October 26, 2019<\/a><\/p><\/blockquote>\n