Over the past couple of days Bitcoin has found itself caught within a relatively tight trading range and has continued to find strong support around $10,000. Although some analysts have claimed that this support level is wearing thin, BTC has yet to post a decisive break below this level in recent times.<\/p>\n
Now, multiple analysts are noting that Bitcoin has been forming a bullish technical formation that may lead to significantly further gains in the near-future.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up marginally at its current price<\/a> of $10,120, which is up slightly from its 24-hour lows of just below $10,000 that were set yesterday.<\/p>\n Throughout the past several months, $10,000 has proven to be a key region<\/a> of psychological importance, as bulls have responded with heavy buying pressure each time the crypto dipped below this level.<\/p>\n Johnny Moe, a popular cryptocurrency analyst on Twitter, explained in a recent thread of tweets that although he believes Bitcoin will drop significantly lower in the near-future, the existence of a symmetrical triangle may indicate that BTC will soon incur bullish continuation.<\/p>\n \u201cThe alternate case? The desc. triangle is garbage and this is a symmetrical triangle, indicating a bias towards bullish continuation. The large consolidation under the .618? It’s just a logical place to see resistance before heading higher. Oh and parabolas? Garbage,\u201d he explained.<\/p><\/blockquote>\n The alternate case?<\/p>\n The desc. triangle is garbage and this is a symmetrical triangle, indicating a bias towards bullish continuation.<\/p>\n The large consolidation under the .618? It's just a logical place to see resistance before heading higher.<\/p>\n Oh and parabolas? Garbage.$BTC<\/a> pic.twitter.com\/DGZ8qHrO6E<\/a><\/p>\n — Jonny Moe (@JonnyMoeTrades) August 24, 2019<\/a><\/p><\/blockquote>\n\n