BTC experiences a continuous recovery in price with expanding volumes on daily chart, indicating that a short-term bottom may have been formed.
Some panic investors dump their chips during rally, which will set free some floating funds on the market. Momentum from bears has already been weakening, making it likely for price to continue climbing after the pressure from sellers is released.
Resistance at $8,800 must be cleared if price intends to move towards $9,500. We’ll talk about how high price will climb to after the strength of momentum from bulls is confirmed.
Overall, chances for short-term trading will emerge after most coins have dipped so much. It is quite normal for price to correct higher after a deep dip.
Rally, however, does not mean the change in overall bearish sentiment, on the contrary, it will lengthen the cycle of bullish period, which can’t be avoided.
Original by Kuang Ren, translated by AICoin Jami.
Full-version analysis is available here:
https://www.aicoin.net.cn/article/17733.html
