Now has been a wonderful day for Bitcoin (BTC) bulls. That’s because the cryptocurrency is in a position to distribute a massive surge throughout the last few hours. They are blowing its previous resistance ranges and perhaps confirming an astoundingly technical development.
This recent outpouring has resulted from a few analysts to foresee that the cryptocurrency may be on the point of going parabolic. Nonetheless, it will need to collapse above several key ranges.
Believe it or not, but Bitcoin was able to blast past resistance roughly 7,500 dollars as bulls crash. A few hours ago, Bitcoin was trading up to more than four percent at its existing price of 7,750 US Dollars. That marks a substantial hike from its regular lows of 7,400 dollars, which were set around this moment yesterday after the bears tried to ignite a sharp selloff.
The surge marks on this day symbolize a tremendous leeway of the energy. This momentum was first developed last week when Bitcoin flattered from lows of 6,400 dollars. Not to mention that the continuous and stable uptrend has been kept by buyers against an extended time is a bullish indication. The sluggish and stable uptrend is now getting at a boiling point.
It looks today that Bitcoin is in the stage of confirming the extremely bullish inverse head and shoulders pattern, which it has been creating. That could simply suggest the previous lows of the cryptocurrency will make a longstanding bottom.
The famous and highly acclaimed crypto analyst Big Cheds recently twitted on Twitter about this recent news. It says that BTC is breaking the neckline of the inverted head and shoulders reversal.
It is very critical that it sustain to hold above the neckline at least 7,600 dollars for the upcoming few hours. This must be achieved for the pattern to be established because the rejection around or only beyond this area could trigger the problem for what is yet to arrive.
Is Bitcoin really going parabolic? Keep in mind that Bitcoin could be on the edge of initiating a parabolic trend. However, for this to happen, they need to disrupt the above two key resistance levels existing at approximately 9,000 dollars and 10,000 dollars.
Another sought-after cryptocurrency analyst named CryptoBirb gave a response on this matter in a recent tweet. He told his supporters that Bitcoin is “getting interesting” from a bullish point of view while referencing the resistance levels at the same time.
There’s only one thing for sure. The bullish inverse head and shoulders pattern is broken if the bulls are not able to continue pushing Bitcoin greater in the near-term. That’s true, especially if it undergoes a rejection around its existing price levels. If this would be the case, expect that the new parabolic growth stage will be inverted for the next day.
Get the latest Crypto & Blockchain News in your inbox.