Crypto analyst and founder of Texas West Capital, Scott Melker, is not convinced that Bitcoin (BTC) has firmly shifted out of its brutal crypto winter to start a new long-term bull trend.
According to Melker, BTC must cross one more crucial level of resistance at $10,584 to confirm a trend reversal. BTC last touched that level back in October of 2019.
Delete everything from your chart. Theres only one line that matters now. A break of this line would be the first macro higher high since the 14K top. Movement above and a flip to support would effectively end the bear market argument. Higher high = confirmed bull trend.
Source: Scott Melker/Twitter
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Analyst: this highly bullish signal suggests Bitcoin is about to see a strong upward movement
Bitcoin has continued pushing past the heavy resistance it has been navigating through over the past few days, with BTCs recent break above $10,000 allowing it to slowly grind higher as many major altcoins begin building major momentum.
BTCs climb today has marked a slight extension of the uptrend that the cryptocurrency has been caught within for the past five weeks, and it does appear to be facing heightened resistance as it inches towards $10,500.
Now, analysts are noting that the cryptocurrency has been able to flash some highly bullish technical signals, suggesting that it is about to see an explosive movement that could send it surging significantly higher.
Bitcoin races towards $10,500 as bulls continue gaining strength
At the time of writing, Bitcoin is trading up just under one percent at its current price of $10,360, which marks a slight climb from its daily lows of $10,200 that was set yesterday.
In the near-term, it does appear that it faces some resistance around $10,500, as this is where it has experienced multiple micro-rejections throughout the past day.
It is also highly probable that the crypto will incur some turbulence, as the ongoing battle between buyers and sellers is likely to result in another major movement.
Big Cheds, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he is currently eyeing a major upside movement due to a bullish ascending triangle that BTC is currently caught within.
Bitcoin, currently ranked #1 by market cap, is down 0.88% over the past 24 hours. BTC has a market cap of $185.8B with a 24 hour volume of $44.86B.
Source: Reddit article