BITCOIN BULLISH REVERSAL PATTERN DETECTED ON WEEKLY CHART by E. Okorie, 28th of September, 2019
Good news for bitcoin lovers. Bitcoin (which is OK to use) has developed a strong bullish reversal pattern.The steam for the bearish trend on bitcoin may just soon be over as a bullish reversal pattern has been detected on the weekly chart. A classical bullish pattern has been created after the bearish trend failed to claim the $7400 benchmark. This seems to trigger lots of bitcoin enthusiast that a major strong bullish trend would be on the way. Bitcoin over the week has lost about 40% of its value after making a new year high above the $13000 benchmark.
According to expert analysis, all hopes for the bearish trend to continue has a 1% probability as it would take the bearish trend to overcome a newly created support and a stronger pattern which would not be stated here (- trade secrets). Bitcoin which has been bearish for over 5 weeks in a row with the view of creating a more balance in the volatility nature of bitcoin.
Consequently, with the correction which seems to be over and the new pattern formation, bitcoin is set to make another all time high. Nevertheless investors are advised not to venture on an investment that they cannot afford to lose.