Why This Bitcoin Indicator Points To Bullish Double Bottom
29 Outubro 2022 - 7:02PM
NEWSBTC
Bitcoin continues to push to the upside closing several daily
candles on the green, positively impacting the crypto market. At
the same time, the benchmark cryptocurrency trends upwards, and the
general sentiment shifts into greed territory for the first time
since May 2022. Related Reading: Bitcoin Reclaims $20,500;
Here Are The Levels You Should Pay Attention To At the time of
writing, Bitcoin (BTC) trades at $20,850 with a 1% profit in the
last 24 hours and a 9% profit in the previous week, respectively.
Ethereum (ETH) and Dogecoin (DOGE) are the best performers in the
top 10 by market cap on similar timeframes. Bitcoin Rally
Likely To Continue? Bitcoin and the crypto market displayed a high
correlation with traditional finances. However, digital assets have
been moving against the trend over the past few days. While
Amazon, Netflix, Apple, Meta, and other big tech companies tanked
due to low earnings, Bitcoin broke above critical resistance at
$20,500. In that sense, BTC and the crypto market closed in the
green with the weekend approaching. With traditional markets
closed, cryptocurrencies are free to score more profits. The
bullish momentum extended on traders’ disbelief and because of
Dogecoin and Ethereum’s push to the upside. The king of the
meme coins rallied this Friday after Elon Musk confirmed the
acquisition of the social media platform Twitter. The bullish price
action in the crypto market led many traders to open short
positions, fueling any higher upside trend. When highly
leveraged positions are liquidated, the market can continue the
trend. This status quo will likely persist over the weekend but
might face headwinds during the week. According to crypto analyst
Justin Bennett: That strong close to the week from equities is
probably reason enough for #crypto to pump this weekend. Throw in
the massive $BTC short liquidations above $21k, and you have
another reason. I’m less optimistic about Monday though given where
equities closed on Friday (…). Shorts are still piling in, and
there are still a ton of liquidations above these highs. This pump
most likely isn’t done yet. Related Reading: Bitcoin Bearish
Signal: Exchanges Receiving Large Deposits If traditional markets
rebound from last Friday’s levels, Bitcoin and the company will
follow. A pseudonym trader pointed to the On-Balance-Volume (OBV)
indicator, a metric used to measure market momentum. The metric
formed a double bottom and resumed its uptrend, hinting further
appreciation. #Bitcoin – OBV going strong after finding a
double bottom. The true bottom indicator.
pic.twitter.com/s6JgTqjIeT — IncomeSharks (@IncomeSharks) October
29, 2022
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