After few days of going sideways within $3700-$3800 USD range, bitcoin seems to be finding the bullish support in over $4000 USD zone after the ascending triangle breakout upwards.
This scenario was much anticipated and predicted in our previous article, in which we were discussing a bullish pattern formation – the tentative ascending triangle respecting the Fibonacci levels. This has dictated a possible upside potential for bitcoin.
Over $3.5 Billion USD Poured in 45 Minutes
The Coinmarketcap data shows, that bitcoin’s market cap soared from roughly $67 Billion to over $71 in a short period of time – 45 minutes.
This confirms the bullish sentiments and might drive the price even higher to re-test $4200 USD. This would be level of interest for bulls and might confuse the short sellers if bitcoin consolidates and will find a strong support around $4000 USD level.
Currently, some short traders are considering to open long positions after bitcoin retraces a bit and take profits at around $4150-$4250 if the sentiments remain bullish according to the full-time crypto trader.
This is been long bear market and right now it is been very high risk to be playing among inside this market, as most of these patterns have just failed, miserably as we are still in a series of lower high, although at some point we would like to see a higher high and once we see the higher high come – that’s when people can begin to truly speculate a bullish reversal for the trend as a whole.
If we stick in a higher high for the first time in 13 months and then go on to create an even higher high over the $4400 level, things may get very interesting here for bitcoin and the entire cryptocurrency space as a whole in the near future.