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Bitcoin Chart is "Bullish as it Gets," Rally for $ 10,600 possible



Bitcoin (BTC) bulls have managed to take control of Sunday's trading session. From the time of writing this article, the leading cryptocurrency is trading for $ 9,750 – around $ 800 higher than Saturday's local low of $ 8,900, which itself represents a 10% upward swing.

Related Reading: Analyst Posting Reasons Bitcoin Price Is Not Crucial Bullish Yet

This latest leg up is quickly convincing analysts that a surge past the local $ 10,500 will be possible.

Bitcoin holds key level, ready to lead higher

Trader Byzantine General recently noted that the Bitcoin chart is shaping up to be even more bullish than it was yesterday. Following Saturday's strong close in the $ 9,300 region, the analyst noted that while the Kijun line to Ichimoku Cloud held, he believes "the map is as bullish as it gets."

As such, he expects BTC to hit at least $ 10,600, just under 10% higher than today's price in the coming days.

Not Off the Table

There is a confluence of technical factors that support the idea that Bitcoin will continue to rocket higher into next week.

As reported by NewsBTC on Saturday, CryptoHamster recently observed that Bitcoin still looks bullish on higher time frames. They recently posted the chart below, showing that Bitcoin & # 39; s current week's Heikin-Ashi candles have two high wickets on each side and a lean green body. For those unfamiliar with technical analysis, this implies a "potential trend reversal."

That's not all. The same analyst later noted that the weekly Fisher Transform indicator, which highlights when prices have moved to the extreme to try to signal buying and selling opportunities, has recently posted a bullish crossover at -2.5 level. CryptoHamster notes that "this signal is rarely false" and strongly implies a resumption of the Bitcoin price's long-term trend.

And for putting a cherry on the cryptocurrency pie, trader CryptoBuzz pointed out that the fact that Bitcoin kept its 100 week moving average is a likely sign that recent moves are a "breakout that should kick off a long-standing beef market."

  Featured Image from Shutterstock 




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