Bitcoin (BTC) bulls have started to push the cryptocurrency markets into the weekly close, which is set to take place around four hours after this article is published. As of the time of writing this, the leading cryptocurrency is trading for $9,700 — up some 10% from Saturday’s low of $8,900. Altcoins have largely followed BTC higher, posting similar gains.
While Bitcoin is still around $800 lower than its weekly high of $10,600, which was reached on Friday night amid the historical influx of volatility, analysts are noting that the recent upturn is validating the idea that BTC is ready to rip higher.
Related Reading: What Drove Bitcoin Price to $10,500? Not Chinese Crypto Traders, Apparently
Bitcoin Likely to Continue to Gain Momentum
An analyst going by “JB” pointed out that with this latest move from $7,700 to $9,700, Bitcoin’s three-day chart is looking extremely bullish.
He drew attention to the following reasons to back his prediction: the recent candle can be defined as a “bullish engulfing candle,” a descending trend line that originated at June’s $14,000 top was broken, markets have seen their biggest volume day in months, the MACD is printing a bullish divergence, and the Willy indicator is now leaving oversold territory.
#Bitcoin 3D chart setup: bullish engulfing candle, broken descending trend line, move confirmed by great volume, confirmed bullish MACD divergence, Willy was over-sold and is now charging higher pic.twitter.com/9awRetMKWA
— jb (@blackswan0815) October 27, 2019