Bitcoin Traders Anticipate Reversal as Bullish Candle Hammer Signals Potential Surge
Bitcoin traders are pointing to a bullish candle hammer on the weekly price chart, which could indicate a reversal of the recent downtrend. Market intelligence firm Glassnode founders believe that Bitcoin is about to surge higher based on this pattern. The hammer candle, characterized by a small body above a thin long line, suggests a shift in sentiment. Pseudonymous crypto trader Mister Crypto also sees the bullish hammer as a sign of imminent reversal. While Bitcoin's price is currently down 8.93% over the last 30 days, traders anticipate a potential increase to $76,822, surpassing its all-time high. However, some traders believe it may fall slightly short of this estimate, targeting a range high of $72,000. It is important to note that confirmation of the change in direction will be awaited in the following candle. Traders will closely monitor Bitcoin's chart closing for the week of May 12 to determine the validity of the bullish signal.
Sources :
- CoinTelegraph
