As of the time of writing this, the price of BTC has just plunged to $7,920, creating an eerie daily candle, implying a potential correction back into the mid-$7,000s in the coming days.<\/p>\n
This move isn’t entirely unwarranted. Per previous reports from NewsBTC<\/a>, an analyst noted that BTC’s pumped to $8,450 pushed three indicators to an extremely overextended zone. More specifically, the Relative Strength Index, Stochastic Oscillator, and the Stochastic\u00a0RSI <\/span>\u2014 all three being indicators to track an asset\u2019s directionality \u2014 printed readings higher than they were after Bitcoin\u2019s pump to $10,600 at the end of October 2019.<\/p>\n It is important to point out, though, this candle has yet to close. Thus, the question remains \u2014 can bulls step in to save Bitcoin’s still-nascent uptrend?<\/p>\n Per a number of analysts, for sure.<\/p>\n Firstly, the 50 exponential moving average and the 200 exponential moving average on the four-hour chart for Bitcoin are still in a bullish cross formation, implying that bulls have not yet lost control on a short-term basis.<\/p>\n Not to mention, the price action on a four-hour chart is still indicative of a medium-term trend reversal to the upside. Per previous reports from this very outlet,<\/a> Adaptive Capital\u2019s new analyst, CL, noted<\/a> that the Bollinger Bands indicator shows a bullish trend is currently emerging, and that he will be buying any price dips (such as the current):<\/p>\n \u201cWhen price starts deviating away from the 4hr 200MA, out of the bands, especially after consolidation, and a BB squeeze, a new trend usually emerges. There is not much more to say, I will be buying dips. Send it.\u201d<\/p><\/blockquote>\n When price starts deviating away from the 4hr 200MA, out of the bands, especially after consolidation, and a BB squeeze, a new trend usually emerges.<\/p>\n There is not much more to say, I will be buying dips. Send it. pic.twitter.com\/GB1RA4M62n<\/a><\/p>\n — CL (@CL207) January 7, 2020<\/a><\/p><\/blockquote>\n<\/p>\n
Can Bitcoin Bulls Save the Day?<\/strong><\/h2>\n
Related Reading:\u00a0Bitcoin Poised to Collapse Under $5,000? Market Cycle Fractal Suggests So<\/a><\/h6>\n
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