From a technical perspective, several of the most highly liquid and highly traded cryptocurrencies have begun to hint at some interesting new potential on their charts over recent days. This type of action is not definitive at this stage – there’s very little confirmation.
However, the game here is a probabilistic one that involves close scrutiny of past and present chart patterns mixed with the identification of an advantageous risk:reward statistical edge. From that standpoint, both Bitcoin (BTC) and Ethereum (ETH) are clearly worth a closer look at the present as both coins are starting to show off some very interesting bullish potential provided key levels continue to hold firm.
Naturally, everyone knows Bitcoin (BTC) has been in a serious bear market trend over the past seven months. However, recent action suggests that the potential for some form of upward inflection should be taken seriously.
First off, we have begun to see signs in recent days of the potential for the affirmation of the formation of a higher low at key support. This higher low pivot stands in relation to the late June dive down well beneath the $6000 level in BTC.
The recent hold at that same level over the last few days suggests that the recent break back above 50-day simple moving average and the $7000 level over recent days is a major inflection the market context. As noted above, given the direction of the trend on the chart over the larger time frame, this is hardly a confirmation, but it is very promising from a technical standpoint. Read more from globalcoinreport.com…
thumbnail courtesy of globalcoinreport.com