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Bitcoin near-month futures form hammer pattern, minor trend spikes above 7-dma with bullish crossovers despite anti-crypto commentaries

Bitcoin near-month futures form hammer pattern, minor trend spikes above 7-dma with bullish crossovers despite anti-crypto commentaries

Bitcoin futures price on CME (BTC1!) for near month deliveries has formed hammer pattern candlestick at $8585 levels, ever since then the underlying price has been rising constantly above 7DMAs (Refer weekly plotting.

For now, the rallies have spiked above 7DMA with bullish crossovers, we see stiff resistance at $11,799 levels.

The above bullish pattern is coupled with both leading and lagging indicators that confirm the healthy momentum and uptrend.

In the recent past (this week), the underlying pair BTCUSD prices surged more than 18%. Bitcoin traded at $11,010 at 06:01 GMT today – bullish rallies more than $1,700 since starting the week at less than $9,400 per coin despite the negative commentaries such as billionaires like Bill Gates and Warren Buffett slammed cryptocurrencies as speculative, dangerous investments.

 

Source: FXWire Technicals

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