"Once bitcoin broke higher, shorts were squeezed and forced to cover," said Brian Kelly, CNBC contributor and head of BKCM, which runs a digital assets strategy for clients. , a reversal pattern, meaning an upside break would confirm the tide has turned in favor of the bulls.
formation, a continuation pattern, characterized by lower price highs and higher price lows. A downside break would indicate resumption of the sell-off from $9,050 (March 24 high).
So, there are conflicting patterns on the . That said, the failure on the part of the bears to capitalize on the recent outside-day candle could be an indication of an impending rally.
BTC suffered a high drop from $7,189 to $6,611 on April 9 ( outside-day), the previous day's price action.
However, the follow-through in the next two trading days has not been encouraging for the bears, given that bitcoin moved back well above $6,611.