{"id":420100,"date":"2020-04-06T18:00:06","date_gmt":"2020-04-06T18:00:06","guid":{"rendered":"https:\/\/wncen.com\/?p=420100"},"modified":"2024-06-11T13:47:12","modified_gmt":"2024-06-11T13:47:12","slug":"bitcoin-on-track-to-form-historic-v-reversal-as-bulls-surmount-7000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-on-track-to-form-historic-v-reversal-as-bulls-surmount-7000\/","title":{"rendered":"Bitcoin on Track to Form Historic \u201cV-Reversal\u201d as Bulls Surmount $7,000"},"content":{"rendered":"

Bitcoin saw a sharp overnight rally that allowed it to surge past the resistance that it was previously facing around $7,000, with the crypto appearing to find some stability within this region \u2013 something that has not been seen since its capitulatory decline to $3,800 on March 12th.<\/p>\n

Analysts are now noting that this latest movement does seem to confirm that BTC has formed a highly bullish \u201cV-reversal\u201d \u2013 a technical formation that could bolster bulls in the days and weeks ahead.<\/p>\n

This also comes as Bitcoin enters a time period that is historically bullish, with one trader noting that it often sees upside in the time between April and May.<\/p>\n

Bitcoin Posts Bullish Breakout Past $7,000 as Technical Strength Builds<\/strong>\u00a0<\/strong><\/h2>\n
At the time of writing, Bitcoin<\/a> is trading up just under 5% at its current price<\/a> of $7,100, which marks a notable climb from daily lows of $6,600 that were set yesterday when the cryptocurrency was caught within an extended bout of sideways trading.<\/p>\n
Previously, BTC had made multiple attempts to break above the $7,000 region, with each one resulting in firm rejections that subsequently led it lower.<\/p>\n
If it is able to stabilize within this region, this could be a sign that bulls have some underlying strength and that the uptrend will extend further.<\/p>\n
One popular trader on Twitter recently pointed out<\/a> an interesting occurrence, noting that Bitcoin historically sees some positive price action throughout April and May, which could mean that it will rally higher in the days and weeks ahead.<\/p>\n
\u201cApril-May periods ~90% of the time in recent years were bullish, which made me bullish the last days of March. This time will be different, especially after confirming 6-month long bullish divergence on weekly.\u201d<\/p><\/blockquote>\n
$\"Bitcoin$
Image Courtesy of CryptoBirb<\/figcaption><\/figure>\n
BTC Forms Revered \u201cV-Reversal\u201d Pattern After Breaking Key Resistance<\/strong><\/h2>\nToday\u2019s movement also bolstered the theory that Bitcoin\u2019s recent rebound<\/a> from the $3,000 region has formed a V-shaped bottom pattern, which is a charting signal that a trend reversal is imminent.<\/p>\n
Mohit Sorout \u2013 a highly respected analyst \u2013 has been watching this rapidly forming pattern for the past week, noting in a tweet from today that BTC is about to close above its December lows and that \u201cthis is what strength looks like.\u201d<\/p>\n
\u201cBTC on its way to close above Dec lows. This is what strength looks like.\u201d<\/p><\/blockquote>\n
\n
$BTC<\/a> on its way to close above Dec lows. <\/p>\n
This is what strength looks like. pic.twitter.com\/w7IUrCeoYc<\/a><\/p>\n
— MS\ud83d\udcc8 (@singhsoro) April 6, 2020<\/a><\/p><\/blockquote>\n