Bitcoin (BTC) Price Analysis Shows Early Signal Of BTC/USD Bullish Momentum
Bitcoin has recently consolidated inside a quite symmetrical triangle formation that is visible on its 4-hour time frame before breaking out.
The price has closed above the top of the triangle around $6,700 to signal that the bulls are gathering the upper hand.
In other words, a bullish breakout might be on its way.
This could lead to a rally that’s the same height as the chart formation which spans $6,000 to $8,400.
The 100 SMA is still below the longer-term 200 SMA to show that the path of least resistance is to the downside.
This means that the selloff is more likely to resume than to reverse.
On the other hand, it’s worth noting that the price has moved past the 200 SMA which is a clear signal of a bullish momentum.
Bitcoin is currently priced at $6,747.72 on CoinMarketCap.
Bitcoin had more positive updates this week
Bitcoin’s updates allow traders to take some attention off the pending Bitcoin ETF applications which were the talk of the day until recently.
First of all, there were Google’s plans to reverse its crypto ad ban on its Adwords platform by next month.
This should bring a new round of interest from the general public. It’s important to note that the tech giant will only allow ads from regulated companies that are targeting audiences in the U.S. and Japan.
Google will have its eye on crypto related ads and this decision shows that the tech giant is ready to support the new wave that the financial industry is riding which involves crypto.
Another thing worth noting is the Bitmain IPO filing which came with a release of their financial statements.
It looks like revenues and profits have been growing exponentially over the past years and to go public would mean more gains in the Chinese Bitcoin mining company and the cryptos that it is involved in: Bitcoin and Bitcoin Cash.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.