The post Bitcoin Forms a Bullish Pattern : Will BTC Break Through Soon? appeared first on Coinpedia Fintech News
The largest cryptocurrency has been moving in such a way that gives the idea of an upcoming “cup and handle” pattern. After falling to $60,000 from a height of $66,000, bitcoin retested this support level twice before actually starting to rise. Currently trading at $62,071 is up by 1.03% in the last 24 hours however down by 5.72% in the last seven days. Let’s explore its next possible movement.
Analyzing Bitcoin Chart
The hourly BTC chart is suggesting the completion of a cup and handle pattern within the next few hours. This pattern when completed represents a bullish trend. The current market conditions are favoring this formation. The RSI indicator is also taking a systematic rise and has reached 55 points from 16 on October 2.
The daily chart on the other hand shows that the 20 daily moving average is acting as a resistance and not allowing the pric
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