Bitcoin prices currently hover over $ 107,000 after a bullish trading week, as the first encryption currency has gained 4.89 %. Interestingly, this last gathering has been translated into a 1.06 % profit on the monthly graph, indicating the hint to a gradual shift in controlling the market into bulls after several weeks of descending integration.
It is worth noting that the famous market analyst with the Merlijn name supports Trader this momentum ascending, after identifying the bull science style on the daily Bitcoin, along with a positive MacD crossover.
The bull science style indicates strong bullish capabilities for Bitcoin
The bull science is a classic continuity pattern that indicates a high prices that will continue despite continuous monotheism. As shown in the joint graph before MERLIGN, this bullish chart pattern begins with a sharp gathering in prices, that is, the flag searched when Bitcoin began to rise in early April with prices rising strongly from about 74,000 dollars to more than $ 110,000 in late May.
The flag is followed by science/flag, which is the period of unification of prices that constitute a landmark or side channel. This price movement is when Bitcoin has reached the highest new level ever on May 22 so far, where prices are largely combined within a convergence channel ranging from $ 101,000 -110,000 dollars. The flag is usually interpreted as a brief cooling period before resuming momentum in the direction of the original direction.
Interestingly, the movement of modern candles shows the outbreak of the upper borders in the bull science, which indicates that the upward trend may resume soon. Based on Merlijn’s analysis, if the penetration is confirmed with a decisive closure, the measured step for new prices, which is usually similar to the length of the initial science points towards a target of $ 144,000, or 34 % potential on current market prices.
To support this upscale status, the market analyst also noticed a recent intersection on the MacD. It is worth noting that the MACD (blue) line has via the (orange) signal line from the bottom, and is often interpreted as a purchase signal by merchants. Interestingly, this represents the first positive intersection in June and comes when Bitcoin tests the upper scope of bull science.
With each of the price procedures and technical indicators that hint at an imminent outbreak, Merlijn pushes investors to this assembly or FOMO in first place once this step is completely ongoing. However, all market participants are advised to do their diligence before making investment decisions.
Bitcoin price overview
At the time of writing this report, Bitcoin exchanged his hands at $ 107485 after a minor profit by 0.03 % in the last day.
Distinctive photo from Reuters, the tradingView graph
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