RATE Group | Bitcoin shows extremely bullish Wyckoff chart pattern
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Bitcoin shows extremely bullish Wyckoff chart pattern

06 Mar Bitcoin shows extremely bullish Wyckoff chart pattern

Posted at 08:46h in Bitcoin News by

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  • The Bitcoin price is currently writing an extremely bullish signal with the Wyckoff accumulation chart pattern.
  • Most recently, Bitcoin showed the chart pattern in early January of this year. As a result, the price rose from under 7,000 USD to over 10,000 USD.

After the bears dominated the Bitcoin price in the last two weeks of February, when BTC fell from over USD 10,300 to just under USD 8,400, the bulls seem to be taking the wheel again in March. The downward trend was attributed to the global uncertainty caused by the coronavirus, as a result of which the stock market also recorded the largest losses in years. Since 2 March, however, the BTC price has risen from below USD 8,500 to its current level (at the time of writing) of USD 9,113.

According to analyst Tyler D. Coates, this upward trend could continue. Bitcoin has shown an extremely bullish sign in the last few days. As in early January, when Bitcoin rose from under 7,000 USD to over 10,000 USD within a month, Bitcoin’s…

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