Multiple Metrics Make the Bullish Case for Bitcoin

Bitcoin remains bullish and a multitude of metrics support this claim.

While last week's market update made the case for why top investors and analysts are overwhelmingly bullish on Bitcoin's predicted long-term price action, the fall from $13,800 to $9,100 did shake retail investors confidence for the short term.

Prior resistance levels that were obliterated throughout Bitcoin's ascension from $4,000 to $13,800 proved to be weak support and many investors expected Bitcoin to drop to $8,500-$7,500 before reversing course.

Investors will have noticed that Bitcoin formed a double bottom around $9,100 and some believe that the expectation that Bitcoin will drop to $7,500-$8,500 will be a non-event as larger hands will front run a trend reversal from $9,000.

Even more important from a psychological and technical point of view, a sustained move above the $11,200 resistance places Bitcion back into the rising wedge formation that carried Bitcoin from $4,000 to its 2019 all-time high.

Multiple indicators show Bitcoin is well-situated for additional gainsAs Bitcoin reversed from the $9,100 double bottom, the daily RSI also leapt out of the descending wedge and back above 50 which has served as a reliable oversold bounce point since the rally from $4,000 began.

These statements may have impacted investor confidence, but other events impacting altcoins have helped Bitcoin maintain a dominance rate above 66, which above Bitcoin's November 2017 dominance rate.

As one can see, an assortment of metrics and technical analysis tools make a strong bullish case for Bitcoin.

There are other metrics to consider, like, increasing monthly trade volume across exchanges, growth in unique Bitcoin addresses and increases in Bitcoin's volatility.

As a note of encouragement for those of us who are wage slaves until the next moon event, dollar cost averaging into Bitcoin is a tried a true method to take advantage of Bitcoin's volatility without having to monitor charts all day.