Bitcoin has fallen into a recessive pattern of major exclusion movements that come after the almost immediate rejection. Overcoming the large wicks on the BTC candlestick chart and generally causing problems in the direction of what will be in the short term. Management trends.
Yesterday, Bitcoin further exacerbated this pattern, as it was a fleeting rebound on popular trading platforms like Bitmax to a maximum of around $7,500, with the move almost to the starting point.
Despite this recessive movement, analysts believe that the case of the bull cannot yet be eliminated. Since a historically precise technical factor indicates that Bitcoin will soon see much-needed stability.
Bitcoin Stuck at $7,200 Following Fleeting Movement
At the time of writing, Bitcoin is trading down about 1% at its current price of $7,225, a marked drop from its daily high of $7,500. That was established during yesterday’s brief move.
In recent days, BTC has been able to obtain a decent amount of support of around $7,200. Although it is still unclear how long this support will last as the bears continue to gain an advantage over the bull.
Looking at the daily Bitcoin chart, Scott Melker, a popular cryptocurrency analyst known as “The Wolf of All Streets”. He said the divergence of the bull could mean that current lows could b a middle ground for Marcará cryptography
Analyst: BTC’s Bullish Divergence Confirmed in Lower Time Frames
The feeling of momentum Melker then adds to the fact that Bitcoin is expressing an equally rapid price change in short time frames, including its 4-hour chart.
“Now we also have a 4-hour bull device. I like to see the divisions of the lower deadlines in the high time frames. Everyday? Possible, ”said Melkar.
The stability that currently seen in many time frames can relieve Bitcoin bulls to some extent in the short term. Although this possibility will only be confirmed if the cryptocurrency can see something up.