The $8,000 mark for Bitcoin seems to be an important price point for the cryptocurrency market leader, Bitcoin (BTC). Ever since its breakdown from $9,400 to around $7,700, the Bitcoin news showed that there is a bearish momentum all around the marketplace. However, knowing that over the past two days we have seen some upticks in both the Bitcoin and altcoin market cap, a CNBC crypto analyst is now featured in the news for stating that the current market state may rise as a whole.
After the $1,800 drop in price on September 24, Bitcoin and the rest of the crypto market seem to have taken a few steps back regarding the overall trend, which showed significant exuberance in June 2019. As the popular crypto Twitter analyst Big Cheds said, the upcoming days will likely be bearish for the crypto space in the short term – but they are definitely bullish over the long term.
Big Cheds also noted that on October 6, Bitcoin closed out another weekly candle with a new tweezer bottom. The CNBC crypto analyst with this indicated that tweezer patterns can be indication of a reversal in the price of an asset. For those of you who haven’t been following our crypto news today, it is important to note that despite all, Bitcoin is still 2019’s most valuable asset.
The CNBC crypto analyst noted that a tweezer pattern occurred near the bottom arm of the Bollinger Band indicator (which shows that BTC has a relatively low price). Big Cheds also noted that the above signs show oversold conditions – even though he added that Bitcoin’s most recent weekly candle did not close with strength.
“There is support here from July 2018 as well as May 2019, so it is not unlikely that we will see a short-term bounce. In addition there is a hidden bullish divergence with OBV’s lower low versus price, suggesting bullish continuation,” he noted.
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In the ETH news, the situation is quite the same. When it comes to Ripple’s XRP token, we can see that the coin managed to add a lot to its price over the past couple of days. All in all, the market is probably recovering and may spark soon, according to many analysts.
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