Bitcoin (BTC) Surges to $9,700 Ahead of Weekly Close: Building Bull Case

Bitcoin (BTC) bulls have started to push the cryptocurrency markets into the weekly close, which is set to take place around four hours after this article is published. As of the time of writing this, the leading cryptocurrency is trading for $9,700 — up some 10% from Saturday’s low of $8,900. Altcoins have largely followed BTC higher, posting similar gains.

Crucial Indicator Shows a Massive Bitcoin Move is Likely Following 30% Drop
Wednesday December 11, 2019

Over the past few weeks, Bitcoin (BTC) has finally started to slow, establishing $7,000 as support and $7,800 as heavy resistance; the cryptocurrency hasn’t broken above or below those boundaries for over 10 days....

The post Crucial Indicator Shows a Massive Bitcoin Move is Likely Following 30% Drop appeared first on 12bitplay - Bitcoin Play.

While Bitcoin is still around $800 lower than its weekly high of $10,600, which was reached on Friday night amid the historical influx of volatility, analysts are noting that the recent upturn is validating the idea that BTC is ready to rip higher.
Related Reading: What Drove Bitcoin Price to $10,500? Not Chinese Crypto Traders, Apparently
Bitcoin Likely to Continue to Gain Momentum
An analyst going by “JB” pointed out that with this latest move from $7,700 to $9,700, Bitcoin’s three-day chart is looking extremely bullish.
He drew attention to the following reasons to back his prediction: the recent candle can be defined as a “bullish engulfing candle,” a descending trend line that originated at June’s $14,000 top was broken, markets have seen their biggest volume day in months, the MACD is printing a bullish divergence, and the Willy indicator is now leaving oversold territory.

XRP Price Ready to See Strong Move; What Are Analysts Thinking?
Sunday December 15, 2019

While all eyes have been on Bitcoin as of late, it may be time to pay XRP some heed. A top analyst recently noted that the popular altcoin is on the verge of seeing...

The post XRP Price Ready to See Strong Move; What Are Analysts Thinking? appeared first on 12bitplay - Bitcoin Play.

#Bitcoin 3D chart setup: bullish engulfing candle, broken descending trend line, move confirmed by great volume, confirmed bullish MACD divergence, Willy was over-sold and is now charging higher pic.twitter.com/9awRetMKWA
— jb (@blackswan0815) October 27, 2019

Crypto-Asset Guidelines to Be Drafted Based on Industry Input
Thursday December 12, 2019

The Basel Committee on Banking Supervision is calling for feedback on the prudential regulatory treatment of crypto-assets. Feedback received from insiders in both the crypto and traditional finance sectors will be used to draft...

The post Crypto-Asset Guidelines to Be Drafted Based on Industry Input appeared first on 12bitplay - Bitcoin Play.

That’s far from the end of it. Trader Smokey noted that if the Ichimoku Cloud, a de-facto all-in-one indicator that allows traders to track trends, is printing an array of buying signals: a breakout past the Kumo, a trendline, and an impending bullish twist of the Cloud. He thus confirmed that “this is either the biggest bull trap ever,” a scenario which he said is highly unlikely, or “we’re in for a nice Q4 2019/Q1 2020 on BTC.”

That'd be sick tbh.
Kumo Breakout + Trendline Breakout + Very very likely bullish twist
This is either the biggest bulltrap ever (which I don't think it is) or we're in for a nice Q4 2019/Q1 2020 on BTC.
— Smokey (@SmokeyXBT) October 27, 2019

Despite all these positive signs, analysts are still confused as to what caused this surge higher. The most obvious answer is President Xi’s endorsement of blockchain technologies, which blew up the Chinese internet and media. However, analysts are currently divided over that thesis.
Related Reading: Analyst Lays Out Reasons Why Bitcoin Price Isn’t Decisively Bullish Yet
Featured Image from Shutterstock
The post Bitcoin (BTC) Surges to $9,700 Ahead of Weekly Close: Building Bull Case appeared first on NewsBTC.

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