BTCUSD: Rounding Bottom Pattern Above $46,000
Bitcoin suffered heavy losses on Dec 4th, which was primarily driven by liquidation of the holdings from the long-term investors in the markets.
Additionally, the Dec 4th bitcoin plunge occurred due to the Omicron coronavirus variant which saw BTC touching a low of $45,000.
We saw BTCUSD touch a high of $59,157 on 30th Nov, and form a bullish momentum before entering a consolidation channel above $55,000.
Today, bitcoin is back in the bullish channel and trading above the $50,000 handle in the European trading session.
We can clearly see a rounding bottom pattern above the $46,000 handle which signifies that the markets have entered into a bullish uptrend.
In the US Trading session, bitcoin is trading in a consolidation phase and is expected to continue doing so.
The short-term outlook for bitcoin has turned MILDLY BULLISH.
Both the Stoch and StochRSI are indicating an OVERBOUGHT level, which means that in the immediate short-term, a decline in the price is expected.
Bitcoin is now moving above its 100 hourly simple and exponential moving averages.
The average true range is indicating lesser market volatility which means that markets will enter a consolidation phase soon.
- Bitcoin trend reversal is seen above $46,000
- Stoch is indicating an OVERBOUGHT level
- The price is now trading just below its pivot level of $51,140
- All the moving averages are giving a BUY signal at current market level of $51,027 ....More info: blog FXOpen
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