08:23BITCOIN SEES MOUNTING STRENGTH AS NEXT PARABOLIC WAVE BEGINS
Bitcoin has seen some promising signs of strength throughout the past few days and weeks
The benchmark cryptocurrency is now consolidating above $51,000, with the support here proving to be quite significant.
BITCOIN SHOWS SIGNS OF STRENGTH AS BULLS TARGET NEW ALL-TIME HIGHS
A break above these highs could kickstart a fresh leg higher that allows it to continue forming a parabolic uptrend.
One analyst explained that Bitcoin is looking strong on lower time frames and could be well poised to see significantly further strength if bulls can continue defending $51,100.
Any prolonged break below this level could be dire and result in a deeper drawdown for the benchmark cryptocurrency.
“BTC / USD: I see this moving much higher, current LTF structure is bullish but need to see a hourly close above $51,800. Seems as though $51,100 has become key support now.”
The coming few days should shed some light on where the market will trend in the near-term, as any intense selloff from here could jeopardize Bitcoin’s short-term strength.
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