This week, we can see that Bitcoin (BTC) continued its trading in the $7,000 region and declined more against the US dollar. At the time of writing, BTC is trading at around $7,570 but analysts say that hidden signs of reversal may drive the price of the cryptocurrency upwards to the highs of $8,200.
The Bitcoin news updates can show such positive signals only if the bulls align and the market forgets the moments of high volatility on the lower timeframes. All of these are signals that are often leading to a larger move simmering beneath the surface.
We can also see that while there may be hidden signs of reversal, the wider market remains in a similar position. Some altcoins like Ripple’s XRP token, however, have slightly outperformed Bitcoin over the past 24 hours.
When analyzing the weekly chart, we can see that Bitcoin has fundamentally been locked in a bearish posture for around six months and this is defined by the downward sloping diagonal resistance. The major resistance lately was found at $11,500 as the $9,500 and $7,500 support eventually turned into resistance.
On the other hand, support is now at $6,500 and has posted a critical bullish rejection level in the first half of the year. It is demonstrative of a high volume node on the VPVR. As the hidden signs of a reversal pop up, BTC is trading up against the previous support which has flipped to resistance. The Doji candlestick is a clear sign of indecision in the market as traders are pushing price within a clear range and coming back to the center.
Judging by the current cryptonews, the bulls and bears are struggling to find a direction – and the Bitcoin price now can either reverse course or find a continuation of the previous candle. Ultimately, the current price action defines the week to date in a nice way.
Generally speaking, the volume on spot exchanges has been decreasing through the six-month decline which is typically a sign of sellers becoming exhausted as each push lower entices even less traders to sell.
To sum things up, the market is now in a downtrend so any bullish sign must be taken lightly. Still, the hidden signs of a reversal make it clear that Bitcoin’s price action is attempting to flip to the bullish side.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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