Bitcoin surges $500 in an hour; bull pennant could lead BTC to $12k

15 Jul, 2019 | Updated: 15 Jul, 2019
by Will Heasman
Price Action
Bitcoin surges $500 in an hour; bull pennant could lead BTC to $12k

Within the past couple of hours, Bitcoin has managed to surge by around $500, despite calls for a further decline. So what are the analysts of crypto Twitter saying about bitcoins next move, or are the bulls back?

Right now Bitcoin is citing a price of $10,575 after dipping all the way into five figures early this morning.

 BTC/USD Chart provided by Tradingview

Satoshi Flipper appears to have spotted a bull pennant forming within Bitcoin’s higher time frame, which the analyst notes would keep BTC above $10k “for a long time,” while the asst moves its way through the pennant, and potentially breaks out towards the end.

Judging by the formation the initial rally could usher BTC towards $12k before any pullback…

Josh Rager also provided some analysis on Bitcoin today, suggesting that 10.7k marks Bitcoin's first level of resistance on the daily chart, with lower support around $9.7k looking fairly weak. According to Rager, Failure to hold around that lower support could provide a leg down as far as $7.9k.

While most analyst are zoomed in on Bitcoin latest stumbling block, taking the macro view is Hannes Gruschinski, who noted that for the third time in Bitcoin’s history, two key moving averages had crossed - something which has typically indicated a bullish continuation in past cycles:

Scot Melker was similarly zooming out, and giving a new perspective on the perceived crisis, highlighting Bitcoin’s superb parabolic trend in recent months:

Is Bitcoin headed lower, or are the bulls back again? Let us know what you think in the comments below!

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