The twitter user @Excellion (Samson Mow) tweeted a bullish statement on Twitter today relating to the crypto market leader, Bitcoin (BTC).
Mow posted that the crypto market king “will be making a big move up in the coming weeks.” In his tweet, Mow shared another tweet posted by @w_s_bitcoin.
BTC’s current price is just above the $19k level at $19,011.62 according to the crypto market tracking website, CoinMarketCap. The website also shows that BTC’s price is 1.27% lower than the day prior and that the last week has not been in favor of the largest crypto by market cap. At the time of writing, BTC’s price is down 4.17% over the last 7 days.
4h chart for BTC/USDT (Source: CoinMarketCap)
A bullish inverse head and shoulders chart pattern has formed on the 4 hour chart for BTC/USDT. Whether or not this pattern will play out will depend on whether or not bulls are able to lift BTC’s price above the resistance at $19.6k.
The Relative Strength Index (RSI) line is currently sloped negatively towards oversold territory, but is still positioned above the RSI SMA line – which reduces the degree of the bearish sentiment represented in the 4 hour RSI on BTC’s chart.
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Source: Cryptocurrency - investing.com
