Bitcoin (BTC) traders are pointing to a “bullish candle hammer” appearing on Bitcoin’s weekly price chart, which could signal a possible reversal of last month’s downtrend. It is said that
“Bitcoin still looks like it’s going to skyrocket,” Jan Happel and Yana Aleman, founders of market intelligence firm Glassnode, wrote on their shared X account Negentropic. post May 9th.
They noted that the Bitcoin price chart ended with a bullish hammer on May 5th. This is the name given when there is a small substance on a thin long line called a “wick”.
“Bitcoin weekly bullish hammer candle…reversal is imminent.” Added Mr. Crypto, a virtual currency trader with a pseudonym.
This could be a sign of a reversal as traders have pushed the price down significantly over the past seven days, but buyers were able to close aggressively near the opening of the candle, signaling a change in sentiment. There is.
“This week’s pullback therefore looks like a healthy correction before a further rally. Corrections often pull back 50% or 61.8% of the previous impulsive move,” Negentropic said. Ta.
Pseudonymous crypto trader Recto Capital wrote in the May 9th edition of the He explained. post.
Bitcoin ended the week ending May 5 at $64,109, according to CoinMarketCap data. A 20% rise from this level would take it above the current high and reach $76,822.
At the time of publication, the price of Bitcoin is $62,830.
However, crypto trader Magus predicts that it could be slightly lower than those expectations, although not by a huge amount.
“If prices hold at current levels, the next stop will be at the top of the range at $72,000,” they said. said May 9th to 73,300 X followers.
Related: Analyst says the ‘danger zone’ of Bitcoin circulation is over
Although this single candlestick pattern is considered a bullish signal for traders, most traders are waiting for confirmation of a change in direction on the next candlestick.
Therefore, traders will be keeping an eye on how Bitcoin’s charts end for the week of May 12th.
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This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.
