After facing some downwards pressure yesterday, Bitcoin (BTC) has been able to incur some upwards momentum that has allowed it to climb back to $9,300, which marks a slight climb from its daily lows of $9,150.
Analysts are now noting that Bitcoin is currently caught within a wide descending channel over a long-time frame, but a bullish formation that it is currently caught within on a lower-time frame may mean that a visit to the upper boundary of this channel is imminent.
Bitcoin Climbs Slightly as Analysts Anticipate Imminent Big Movement
At the time of writing, Bitcoin trading up roughly 1% at its current price of $9,300, which is the highest point that it has been trading at over the past 24 hours.
Bitcoin’s short-term bullishness came about after the crypto briefly visited $9,150 yesterday, which appears to be a near-term level of support that could bolster the cryptocurrency’s price action in the near-term.
It is important to note that the past few weeks have marked a consolidation period for the cryptocurrency, which has been ranging between $9,000 and $9,500 ever since it incurred its meteoric rally to $9,500.
Big Chonis, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that a technical formation may signal that a big price movement is imminent.
“Current ‘Heikin Ashi’ with a very tight ‘doji’ body after a small green candle, ‘reversal signal? BIG move setup, after sideways down all week just like the volume,” he explained while pointing to the chart seen below.
$BTC – remember, #bitcoin daily candle closes at 7:00PM East Coast ?? time… an hour earlier from now till March… Current “Heikin Ashi” with a very tight “doji” body after a small green candle, ‘reversal signal? BIG move setup, after sideways down all week just like the volume pic.twitter.com/Ou8mGyAD7L
— Big Chonis⚔️Flux Trading Group? (@BigChonis) November 3, 2019
BTC Caught in Wide Descending Channel
It is also important to note that Bitcoin is currently caught within a wide descending channel, which could mean that it is gearing up for a big movement to either the upper or lower boundary of the channel that it is currently trading within.
Jonny Moe, a popular cryptocurrency analyst on Twitter, spoke about this channel in a recent tweet, pointing to a chart that shows its upper-boundary around $9,900, and also showing that BTC is caught in a bull flag that could help propel it higher in the near-term.
“Tweaked a little as we’ve gone along, but still watching, waiting. $BTC,” he said while pointing to the below chart.
Tweaked a little as we’ve gone along, but still watching, waiting. $BTC pic.twitter.com/fgumlirHf2
— Jonny Moe (@JonnyMoeTrades) November 4, 2019
The range that Bitcoin is currently trading within should be closely watched by trader and analysts alike, as its response to the upper-boundary at $9,900 could provide significant insight into where the crypto is heading next.
Featured image from Shutterstock.