Crypto Trader on Bitcoin Price Action: "Things Are Looking Bullish"

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Mon, 10/07/2019 - 06:47
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    This is shaping up to be a make-it-or-break-it week for Bitcoin. Will the bulls manage to turn the tables?

Cover image via www.123rf.com

Bitcoin started a new week before the $8,000 level, which emboldened the bears. However, despite the bulls' failure to turn the tides in their favor, some cryptocurrency traders still expect the BTC price to stage an upward move in the short-term. 

"Crypto Welson" has recently posted his new price analysis on Twitter that depicts a descending triangle. The trader states that "things are looking bullish as of now" as he allegedly expects the triangle to resolve upwards this week. However, a breakdown below the $7,700 support would trigger another strong bearish momentum. 

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As reported by U.Today, Bitcoin broke below the support line of the "great descending triangle" on Sept. 24. This prompted a lightning-fast drop to the $8,000 level that became a new battling ground for the bulls and bears. Considering that the smaller triangle is moving closer towards a resolution, it's very likely that BTC will soon witness another major price move. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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