After facing some downwards pressure yesterday, Bitcoin (BTC) has been able to incur some upwards momentum that has allowed it to climb back to $9,300, which marks a slight climb from its daily lows of $9,150.<\/p>\n
Analysts are now noting that Bitcoin is currently caught within a wide descending channel over a long-time frame, but a bullish formation that it is currently caught within on a lower-time frame may mean that a visit to the upper boundary of this channel is imminent.<\/p>\n
At the time of writing, Bitcoin<\/a> trading up roughly 1% at its current price<\/a> of $9,300, which is the highest point that it has been trading at over the past 24 hours.<\/p>\n Bitcoin\u2019s short-term bullishness came about after the crypto<\/a> briefly visited $9,150 yesterday, which appears to be a near-term level of support that could bolster the cryptocurrency\u2019s price action in the near-term.<\/p>\n It is important to note that the past few weeks have marked a consolidation period for the cryptocurrency, which has been ranging between $9,000 and $9,500 ever since it incurred its meteoric rally to $9,500.<\/p>\n Big Chonis, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that a technical formation may signal that a big price movement is imminent.<\/p>\n \u201cCurrent \u2018Heikin Ashi\u2019 with a very tight \u2018doji\u2019 body after a small green candle, \u2018reversal signal? BIG move setup, after sideways down all week just like the volume,\u201d he explained while pointing to the chart seen below.<\/p><\/blockquote>\n $BTC<\/a> – remember, #bitcoin<\/a> daily candle closes at 7:00PM East Coast \ud83c\uddfa\ud83c\uddf8 time… an hour earlier from now till March… Current \u201cHeikin Ashi\u201d with a very tight \u201cdoji\u201d body after a small green candle, \u2018reversal signal? BIG move setup, after sideways down all week just like the volume pic.twitter.com\/Ou8mGyAD7L<\/a><\/p>\n — BIG Chonis (@BigChonis) November 3, 2019<\/a><\/p><\/blockquote>\n\n