Bitcoin bulls  have posted quite substantial gains in a third and fourth row. At the moment, Bitcoin has broken  highs it has not seen in two weeks, by rallying to as much as $7,580. However, the momentum is not as strong but traders and analysts alike anticipate that the price confirms their idea of a long term <a href="https://www.cryptoknowmics.com/crypto/ciphertrace-develops-mobile-tool-to-detect-fraudulent-cryptocurrencies/">bullish performance.</a> Which could end with range trading that has not taken shape for at least 5-6 weeks. 

Josh Olszewicz, an analyst at Brave New Coin noted that an inverse head and shoulders pattern-; was likely to stage a powerful bottom for the BTC/USD pair. The analyst outlined that the performance ought to hit $7,525. A movement between $8,100 to the  $8,700 range. Which was an 8% and 16% respective rally likely to play out in the long-ish market. 

However a confluence of key resistance points could force a stop to the rally, these include, 200-day exponential moving average, weekly 20 moving average, daily Ichimoku Cloud and a yearly pivot point. 

Livecoin, a cryptocurrency and Forex trader tweeted on Saturday that he believed Bitcoin was trading as a textbook  <a href="https://school.stockcharts.com/doku.php?id=market_analysis:the_wyckoff_method">Wyckoff Reaccumulation-esque pattern</a> within the past few weeks. 

Meanwhile, should Bitcoin follow towards a T; there exists higher and higher possibilities of breaking out in the next few days. Hence suggesting an upward move that would bring back the digital asset at the high of $7,000. Previously, Bitcoin’s on balance volume indicator printed a clear dropping wedge pattern and chart pattern marking falling market prices. 

The on balance volume indicator implements volume flow to predict changes in the stock market. In which case, the dropping wedge took a bullish pattern. Thereby rallying and implying a looming continuation towards the upside. 

Meanwhile, Bitcoins price in 2020 seems rather bullish. A crypto analyst noted in his twitter profile that there are significant price accumulations and money flow back into the trade. 

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Bitcoin Rally Just Got Hot : 10% Gains From Here

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience.

Bitcoin Rally Just Got Hot : 10% Gains From Here

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