Bitcoin bulls are showing their determination this week, as today marks the third day in a row that long buyers have seen a breach of USD 8,000. It has not managed to maintain any reasonable amount of time above that level, but it has certainly shown that the bulls are not willing to give up the fight in June just yet. Bitcoin price now trades at USD 7,798 at 11:40 am UTC (CoinDesk).
Bitcoin News technical analysis also notes that the bickerfest is alive and well between buyers and sellers into its seventh day now as the fight for control over the month’s direction is yet to see a clear winner.
In the past seven hours alone, during Europe trading hours, Bitcoin has already punched through that resistance line, to create a 24-hour high of USD 8,073. However, profit taking seems to be active at that exact level, and is likely to continue gnawing away at bull gains once Asian markets take over again in about 12 hours.
The difference from yesterday, however, is the growing gap between the high and lows, with USD 360 separating the 24-hour high from its 24-hour low of USD 7,714; it is a difference of almost 5% of Bitcoin price.
Volumes and longer green candles have prompted the question over the past 8 hours: have the bulls come back to town?
$BTC #Bitcoin back over 8K in style pic.twitter.com/aAkDazlfva
— Big Cheds (@BigCheds) June 12, 2019
One analyst believes that an evening star pattern on the weekly chart has shown itself, which is candlestick pattern that signifies a trend reversal. It generally does not prove to be a precursor to a bear trend, however, just the temporary pullback before a new pattern (morning star).
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