BTC Shows Strength: Bullish Divergence Flashing on Daily, Weekly Charts
• Bitcoin (BTC) is showing signs of strength on the daily and weekly charts according to crypto strategist Credible Crypto.
• He says that a classic bullish divergence is flashing on the daily chart, while a hidden bullish divergence is present on the weekly chart.
• He also mentions that if BTC continues consolidating at its current lows, it could quickly escalate into an impulsive/trending environment.
Bullish Signs for Bitcoin
A closely followed crypto analyst by the name of Credible Crypto has issued a warning to Bitcoin (BTC) bears that the crypto king is showing signs of strength on both the daily and weekly charts. According to Credible Crypto, there is a classic bullish divergence flashing on the daily chart and a hidden bullish divergence present on the weekly chart.
Classic Bullish Divergence
In technical analysis, a classic bullish divergence is typically seen as a reversal signal while a hidden bullish divergence is a sign of trend continuation. This means that these divergences may be indicating that BTC will continue its upward trajectory instead of reversing course. Credible Crypto also notes that BTC dominance has been backtesting a two-year long range breakout which could potentially indicate further price appreciation in the near future.
Calls For $20,000
Despite no actual break in its current market structure being seen yet, calls for $20,000 have been pouring in from traders and investors alike who are expecting this level to be reached soon if BTC continues to move upwards. This would represent over 25% growth from its current value at time of writing ($26,024).
Consolidating Lows
So far this year, Bitcoin has been consolidating for quite some time at the lows before igniting this recent surge – although currently this doesn’t look like much yet it could quickly become an impulsive/trending environment if it continues moving forward with similar momentum as before.
Warning To Bears
With all these indicators pointing towards further price appreciation in store for Bitcoin, Credible Crypto issues one final warning to bears asking them to take caution before attempting any short positions or bearish trades against BTC – they risk being “absolutely obliterated” otherwise!
