BTCUSD: Bullish Engulfing Pattern Above $15510
Bitcoin lost its bearish momentum. After hitting a low of 15510 in Nov 21, the price corrected upwards to $16500 today in European trading.
After the recent crash, bitcoin’s price continues to rise and we expect to reach $17000 soon.
In the daily timeframe, we can see the formation bullish engulfing line.
In the daily timeframe, the CCI indicator gives a bullish divergence sign.
It is clear that we can see a bullish-engulfing pattern over the $15510 handle. This pattern is a bullish trend reversal pattern.
Bitcoin reached an intraday low of 16124 during the Asian trading session, and an intraday high today of 16536 during the European trading session.
The STOCH as well as STOCHRSI indicate overbought levels, which indicates that prices will fall in the short-term.
The relative strength index, at 63, indicates a strong demand for Bitcoin and the continuation in the buying pressure on the markets.
Bitcoin is currently moving higher than its 100 hourly simple moving mean and 200 hourly exponential…