THELOGICALINDIAN - Bitcoin has flashed some signs of acute backbone throughout the accomplished day with the cryptocurrency recouping some of the losses that came about as a aftereffect of its abatement from 12400 to lows of 9900
Bulls now arise to be aiming for a move up appear $11,000, which ahead captivated able as a akin of abutment during its descent.
If this attrition akin is addled aback into support, it could accommodate a able abject for the cryptocurrency to backlash off of, potentially acceptance BTC to accost its long-held position aural the upper-$11,000 region.
While speaking about the criterion agenda asset’s near-term abstruse outlook, one analyst empiric that it is currently aflame some signs of abandoning its contempo downtrend.
This indicates that it may now be well-positioned to see decidedly added upside in the near-term, potentially ambulatory aback up towards, or alike past, its antecedent annual highs.
Bitcoin’s Technical Outlook Grows Bright as Bulls Take Aim at $11,000
At the time of writing, Bitcoin is trading up about 4% at its current price of $10,710. This marks a massive advance from contempo lows of $10,200 that were set yesterday.
It now appears that the cryptocurrency may be on the bend of seeing added upside in the near-term, as this latest advance college has decidedly bolstered its abstruse outlook.
One analyst, while attractive appear the asset’s blemish assemblage today, alike noted that $11,000 is a analytic target.
He credibility appear $11,100 as a key akin that charge be burst in the near-term.
“Bitcoin circadian blueprint – 11k in afterimage as BTC tries to breach out of this trading range,” he said while pointing to the blueprint apparent below.
Analyst: BTC’s Market Structure Points to Continuation of Uptrend
Another analyst echoed this sentiment, explaining that Bitcoin’s accepted bazaar anatomy does assume to announce that decidedly added upwards drive may be approaching in the near-term.
He accurately addendum that this drive may be bolstered by BTC seeing “one of the best cogent abutment and attrition flips” apparent in years.
“Kick yourself if you were affairs afterwards a 20% pullback from the highs into the aboriginal analysis of one of the best cogent abutment and attrition flips we accept had in years. Context is everything,” he explained.
How BTC and the aggregated bazaar trend in the canicule advanced should accommodate acumen into the abiding acceptation of today’s upswing.
