Bitcoin found acceptance above the $7,000 mark over the weekend, boosting the odds of a double-bottom bullish reversal, the technical charts indicate.
The cryptocurrency trapped the bears on the wrong side of the market as it defended the psychological support of $6,500 on Friday, despite a bear flag breakdown, and rose above $7,000 on Sunday.
As of writing, BTC is changing hands at $7,081 - up 0.84 percent for the session, and up 9.8 percent from last week's low of $6,513, according to CoinDesk's Bitcoin Price Index.
While the speculation seems to have put a bid under bitcoin, the job is only half done for the bulls, the price chart analysis indicates.
The above chart show that the rally from $6,500 to $7,186 has neutralized the immediate bearish outlook.
BTC bulls need to clear the descending trendline and the double bottom neckline before claiming victory over the bears.
A close above $7,510 would confirm the double-bottom bullish reversal and allow a stronger rally to $8,500.
The relative strength index has cleared the falling trendline in a convincing manner, indicating BTC could rise to $7,300-$7,510.
Last but not least, BTC has moved back above the key ascending trendline as seen in the linear-scaled daily chart below.
If passed, bitcoin could see a sustained rally to $8,500.
Bitcoin Teases Bull Reversal with Rise Above $7K
Published on Apr 9, 2018
by Coindesk | Published on Coinage
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