–
Today was a great day for them Bitcoin Bulls as the cryptocurrency has seen a massive surge in the past few hours, skipping previous resistance levels and possibly confirming an incredibly bullish technical formation.
This surge has led some analysts to believe that the cryptocurrency is on the verge of becoming parabolic, but it has yet to break beyond a few key levels.
display
–
Bitcoin breaks resistance at $ 7,500 as bulls roar
At the time of writing, Bitcoin is trading at its current price of $ 7,870, marking a sharp rise from its daily lows at $ 7,400. Today’s rise shows an increase in momentum, which first emerged last week from the low of $ 6,400.
It now appears that Bitcoin is in the process of confirming the bullish inverse head and shoulders pattern that has formed, which could mean that recent lows mark a long-term low.
$ BTC #Bitcoin currently breaking neckline of inverted head and shoulders reversal https://t.co/JjIfDHwzIj
– Big Cheds (@BigCheds) January 6, 2020
In order for this pattern to be confirmed, it is imperative that it stay above $ 7,600 in the coming hours, as rejection of this region could mean short-term setbacks.
Is BTC about to become parabolic?
It is important to note that Bitcoin might be about to start a parabolic trend, but BTC has to break through two main resistance values first, around $ 9,000 and $ 10,000.
CryptoBirb, a popular cryptanalyst on Twitter, talked about it in a recent tweet, saying that BTC is going to be “interesting” from a bullish perspective while referring to the resistance levels shown in the graph below.
$ btc setup is finally getting interesting? pic.twitter.com/87fkDPJGBC
– Crypto₿irb (@crypto_birb) January 6, 2020
If the bulls are unable to push Bitcoin further up the short term and there is a rejection around current price levels, it could mean that the bullish, inverse head and shoulder pattern is not intact and the next parabolic growth phase is still postponed becomes.
Text credit: newsbtc
Last update:
–
