Bitcoin, the world’s first cryptocurrency, is all set to test the patience of investors hoping for a bull crypto market. Recently, the price of bitcoin surpassed $9,700 mark, up by 10% from the previous $8,900. Although bitcoin is down by about $800 from its weekly high, $10,600, the largest cryptocurrency of the world by market cap is expected to surge substantially in the future.
According to Jb, due to bitcoin’s jump from $7,700 to $$9,700, bitcoin’s three-day chart has turned extremely bullish. Backing up his claims, he explained that the recent candle was similar to a “bullish engulfing candle” that broke a descending trend line beginning in June 2019 when bitcoin’s price was revolving around $14,000.
Apart from the candle, he added that divergence by MACD and the results of Willy indicator along with markets experiencing the biggest volume day in months hints that bitcoin will be gaining momentum.
#Bitcoin 3D chart setup: bullish engulfing candle, broken descending trend line, move confirmed by great volume, confirmed bullish MACD divergence, Willy was over-sold and is now charging higher pic.twitter.com/9awRetMKWA
— jb (@blackswan0815) October 27, 2019
According to Yassine Elmandjra, an analyst at ARK Invest, bitcoin’s growth had been tremendous. Particularly commenting on the daily gains achieved by bitcoin, Elmandjra bitcoin’s 42% daily gain was the world’s top 3rd largest daily gain in the price history. He also noted that previously when the daily gain of bitcoin surpassed 40% twice, the price of bitcoin was $0.40 and $5.65 respectively.
The previous two times Bitcoin saw a >40% daily gain, it was trading at $0.40 and $5.65.
Today, Bitcoin’s 42% swing is the 3rd largest daily gain in price history.
— Yassine Elmandjra (@yassineARK) October 26, 2019
To this a Twitter user going by the handler ‘@Light_bound’ responded:
It is time for one of those:
“If you had bought 1,000 BTC in the morning, you would have made about $4,000,000 by the end of the day. Long Bitcoin!”
— Lucky Me (@Light_bound) October 26, 2019
Apart from the positive sentiment by the aforementioned analysts, a trader that goes by Twitter handler ‘@SmokeyXBT’ also presented his understandings about bitcoin. He said that Ichimoku Cloud which is a de-facto all-in-one indicator helping traders to track trends shows a Kumo and Trendline breakout.
Further continuing that Ichimoku Cloud is also showing a bullish twist of the Cloud, it was concluded that as per the indicator, it was time to buy bitcoin.
That’d be sick tbh.
Kumo Breakout + Trendline Breakout + Very very likely bullish twist
This is either the biggest bulltrap ever (which I don’t think it is) or we’re in for a nice Q4 2019/Q1 2020 on BTC.
— Smokey (@SmokeyXBT) October 27, 2019
As bitcoin is an extremely volatile asset capable of skyrocketing on one occasion and dropping to the ground on another occasion, one should always be careful while investing in bitcoin and other cryptos.