10:29THERE IS 59% CHANCE FOR BITCOIN TO CONTINUE ITS BULL TREND; HERE’S WHY
Bitcoin held on to $27,000 for most of Tuesday after setting its record high of $28,387 earlier in the week.
The benchmark cryptocurrency opened higher at $27,039 and hit an intraday low of $25,833 in early trade volatility. However, traders treated the downside correction as their cue to accumulate at cheaper rates. A retracement ensued, and the BTC/USD exchange rate reclaimed the $27,000-support. The pair hit $27,336 before closing the day at 1.21 percent higher.
In doing so, Bitcoin formed a small-bodied bullish candle on its daily chart that resembled a Hanging Man candlestick pattern.
WHAT IS HANGING MAN?
The term reflects the candle’s shape formed on Tuesday, with a small distance between its opening and closing rate and a longer lower wick to the downside. The pattern also has a negligible upper shadow, which—as many technical chartists believe—makes it a perfect Hanging Man indicator.
An independent analyst, known by his first name Cheds, highlighted the Hanging Man pattern on Bitcoin’s daily chart in a tweet issued midnight Wednesday.
Bitcoin bullish continuation setup, as presented by Cheds. Source: BTCUSD on TradingView.com
The chartist further cited textbook descriptions that claimed Hanging Man as a bullish continuation setup, with a 59 percent possibility of sending an asset’s prices higher. While sharing the screenshot of the description, Mr. Cheds also coupled his technical analysis to support the bullish setup—by noting a strong buying sentiment for Bitcoin near its EMA8 area support wave.
ENOUGH BULLISH FUEL FOR BITCOIN
The Bitcoin price could likely continue its prevailing bull run in the $29,000-$30,000 range unless it decisively breaks down to neutralized its technically overbought signals. Bitcoinist has discussed the bearish outlook here.
Bitcoin’s market cap is currently near $500 billion, led by a dramatic rise in its institutional adoption as a safe-haven, anti-inflation asset. The cryptocurrency’s latest mainstream investors include MicroStrategy, Square, Ruffer Investment, MassMutual, Paul Tudor Jones, Stan Druckenmiller, and many others.
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