Bitcoin's bulls have been able to step up and support BTC's price after the recent fall below $ 9,000, pointing to an underlying strength that could signal that cryptocurrency will soon post a strong recovery from the the latest lows.
Analysts are now in great condition that BTC will make decent gains in the short term, with an analyst explaining that the crypto is currently forming a similar technical formation to that seen just before the rally from $ 7,300 to $ 10,600.
Bitcoin stabilizes over $ 8,800 after recent dip
At the time of writing, Bitcoin is trading marginally down to its current price of $ 8,825, marking a slight fall from its 24-hour highs of just over $ 8,900 which was set earlier today.
Earlier this past week, Bitcoin from the previous trading area fell between $ 9,000 and $ 9,500, indicating that bears had taken over BTC's bulls, although the fall was quickly halted after it found substantial support around $ 8,800.
In the short term, analysts note that they expect the cryptocurrency to climb past $ 9,000 before hitting a resistance level that sends it spiraling significantly lower.
Cryptomist, a popular cryptocurrency analyst on Twitter, talked about this opportunity in a recent tweet, telling followers that she thinks the BTC will hit $ 9,200 before continuing to sink lower.
region, before further disadvantages. Possible falling wedge here on the 4 hour frame. There may still be further pressure on the support, "she said while pointing to the chart below.
Short term looks like bulls have a chance to push price back to 9.2 region, before further downsides [1[ads1]9659002] Possible falling wedge here on the 4-hour frame, there may still be a new pressure on support pic.twitter.com/vUseEmOFus
– The Cryptomist (@TheCryptomist) 10. November 2019
Could BTC be heading for another massive wave?
Although Cryptomist believes BTC will continue to fall after a short upward movement, other analysts believe the crypto could make up for another massive wave that similar to the one seen in late October.
Galaxy, another popular analyst, talked about this opportunity in a recent tweet, pointing to a chart showing that BTC is building a similar technical formation to the one formed just as before the rally that sent it from $ 7 .300 to $ 10,600.
are fun creatures. They also begin to hibernate in November. Send it. $ BTC, "he said while referring to the chart seen below.
Bears are funny creatures.
They also start hibernating in November.
– Galaxy (@galaxyBTC) November 10, 2019
The next few days and hours are likely to illuminate whether or not oxen will soon step up and catalyze another massive BTC movement , or if the crypto will cut deeper into the winnings it posted at the end of last month.
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