Story by: Cole Petersen
Bitcoin’s bulls have been holding the cryptocurrency steady around $9,800, with its strong multi-day momentum making it look incredibly likely that BTC will soon see a swift break above its key near-term resistance at $10,000.
Importantly, BTC’s recent price action has allowed the crypto to form an incredibly bullish, albeit simple, technical pattern that has preceded major parabolic rallies in years past.
In order for this pattern to become valid, however, it is imperative that the cryptocurrency breaks above a key resistance level that lies directly in front of it, as a swift rejection here could spell trouble for what comes next.
Bitcoin Stabilizes Around $9,800 as Bulls Gear Up for Their Next Big Push
In the near-term, Teddy – a popular cryptocurrency analyst on Twitter – explained in a recent tweet that Bitcoin’s weekly chart is looking strong as bulls attempt to close it above the critical resistance at $10,000.
“BTC: Weekly making moves. Love how this is moving, currently outside of the resistance’s range and thus marking a potential Higher High. Candle will close in a few days, bulls you have one thing to do – pray that it stays like this,” he said while pointing to the below chart.
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