Bitcoin’s $780 Price Recovery Makes Friday’s Close Pivotal

0 24


Outlook: Bullish above $10,380

Bitcoin’s $780 recovery from an 18-day low has neutralized the bearish setup, but a strong follow-through is now needed to put the bulls back in charge.

The leading cryptocurrency by market value picked up a bid around $9,600 — the lowest level since Sept. 1 — in the Asian trading hours on Thursday and rose to a high of $10,380 on Bitstamp in the U.S. trading hours.

That quick recovery saved the day for the bulls, as the cryptocurrency was looking weak below key support at $9,855, as discussed yesterday.

Notably, the price bounce from $9,600 to $10,380 has taken the shape of a candlestick pattern named “bullish hammer”, as seen in the chart below.

You might also like

Pin It on Pinterest

Share This

Share this post with your friends!

WhatsApp chat