Bitcoin and the aggregated crypto market have seen an intense overnight selloff, which comes close on the heels of the bearishness that the markets experienced over the weekend when BTC plummeted below $10,000 in a violent movement.<\/p>\n
This downwards momentum, however, may not last long, as one prominent analyst is noting that it is not a high time frame trend change, and that bears are currently fighting against oversold conditions.<\/p>\n
If this possibility proves to be valid, then BTC could soon see a sharp upwards movement that is fueled by overleveraged short positions, which could lead the crypto back into the coveted five-figure price region.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down just under 4% at its current price<\/a> of $9,580, which marks a notable decline from daily highs of just over $10,000 that were set early yesterday.<\/p>\n This recent bounce to $10,000 occurred when bulls attempted to reverse the bearishness that sparked from the crypto\u2019s initial drop below this price level, but the swift rejection that occurred at this level seems to suggest that it has flipped from support to resistance.<\/p>\n In the near-term, however, BTC may start seeing some further upwards momentum, as the oversold conditions on lower time frames show that bears are fighting against a firm uptrend that still remains intact.<\/p>\n Mr. Anderson, a prominent cryptocurrency analyst, spoke about this bullish possibility in a recent tweet, in which he claims that a Countertrend Algorithm shows that this ongoing pullback is both healthy and to be expected.<\/p>\n \u201cBTC Countertrend: This High Time Frame (Daily) Countertrend Algo shows us that a pullback was certainly predictable and due. However, it is likely to be short lived (not a HTF trend change) since Bears need to work fast to avoid a series of oversold conditions on low time frames,\u201d he explained.<\/p><\/blockquote>\n $BTC<\/a> Countertrend<\/p>\n This High Time Frame (Daily) Countertrend Algo shows us that a pullback was certainly predictable and due<\/p>\n However, it is likely to be short lived (not a HTF trend change) since Bears need to work fast to avoid a series of oversold conditions on low time frames pic.twitter.com\/aZWGn1NoRk<\/a><\/p>\n — Mr. Anderson (@TrueCrypto28) February 17, 2020<\/a><\/p><\/blockquote>\n\n