The bulls are finally back. After a few days of bearish price action, Bitcoin (BTC) has recovered, rising from the daily lows of $7,900 on Saturday to $8,175 at the time of writing this article. That movement represents a gain of 3.5%.
The Altcoins have followed suit, with a majority of large limits such as Ethereum and XRP that also experience rebounds of 2% to 4% since yesterday's low. Monero, BSV and BCH, and 0x are experiencing greater gains of more than 7%.
What comes next to the cryptocurrency market will be important according to multiple analyzes.
Bitcoin needs to close above $ 8,150
As noted by cryptocurrency trader Alistair Milne, this higher move has allowed Bitcoin to break above a symmetrical triangle pattern that originated in mid-September. The triangle in question, according to Milne's analysis, was approaching its apex.
The graph implies that in order for Bitcoin to remain in bullish territory, it must be closed above the upper arm of the triangle, which currently stands at around $ 8,050.
Rekt Capital, has echoed a similar line. In a recent tweet, he commented that in order for Bitcoin to undergo a bullish continuation pattern, BTC will need to see a high time frame close to $ 8,150. This was also corroborated by Data Dater, who said that since $ 8,150 is where the Bitcoin 233-day moving average is located, a daily close above that level would imply a continuation of 10% to $ 9,000.
Fractal predicts a dramatic fall
While many analysts and traders have seen this break up in a bullish light, one noted that it meets a fractal that has been tracking for a few days.
il Capo de Crypto published the chart below in the wake of the rebound, noting that the current Bitcoin chart looks very similar to the $ 10,500 to $ 7,700 movement, having seen a falling wedge break and having reached several key levels of Fibonacci recoil.
Capo notes that if the fractal develops almost completely, Bitcoin will reach a maximum of $ 8,350 in the next few hours, then it will fall at least as low as $ 7,500 in a massive red candle down.
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