View Bitcoin has bounced back to $8,000, forming a double bottom breakout - a bullish price pattern - on the 4-hour chart.
On the way higher, BTC may face resistance at $8,350.
A rally to $8,350, if any, could be short-lived if trading volumes remain low.
With the rise back to $8,000, the cryptocurrency has charted a bullish technical pattern on one of the short-duration charts.
As a result, the recovery rally may continue, with prices rising to $8,400 over the weekend.
On the way higher, BTC may face resistance at $8,350 - the upper edge of the falling channel representing bearish lower highs and lower lows.
The rally could be short lived if trading volumes remain anemic.
As the above chart shows, trading volumes are locked in a downtrend despite the price recovery.
The long-term outlook will remain bullish as long as prices hold above the May low of $5,263.
Bitcoin image via Shutterstock; charts by Trading View.
Bitcoin Price Eyes Stronger Recovery Rally After Bounce to $8K
Published on Jun 7, 2019
by Coindesk | Published on Coinage
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