Once again, bears have managed to wrest control of the crypto market from bulls, plunging Bitcoin (BTC) to $6,600 earlier today. This comes after Bitcoin bulls were afforded a glimmer of hope as the cryptocurrency jumped 8% from the Friday low of $7,400.<\/p>\n
While the crypto is now trading at its lowest price since May, some analysts believe that BTC<\/a> is still showing signs that it is poised for growth. Crazy as this sounds, there is a confluence of positive technical analysis to back this sentiment.<\/p>\n Marcel Burger, the head of a crypto investment boutique based in the Netherlands, recently noted that Bitcoin’s one-week chart is still showing signs of strength, despite the absolutely brutal 20% drop seen over the past week.<\/p>\n He noted that BTC’s one-week candles are currently painting a massive bull flag, marked by parallel lower highs and lower lows. If this textbook pattern<\/a> plays out in full, the cryptocurrency will continue higher into the start of 2020, potentially back into the five-figures range, after a strong breakout to the upside.<\/p>\n That’s not all. Burger continued that Bitcoin remains just below the key 0.618 Fibonacci Retracement level, which some analysts call the “golden pocket” of support. If the cryptocurrency manages to flip that level into a support level, it would suggest that upside could be had in the weeks and months that followed.<\/p>\n With the S2F model in the back of your mind this chart doesn't look that bad. Big bull flag and still fairly close to the 61.8 fib. pic.twitter.com\/JKdmrGjx3b<\/a><\/p>\n — Burger (@marcelamdax) November 25, 2019<\/a><\/p><\/blockquote>\nWhy Bitcoin is Still Bullish<\/strong><\/h2>\n
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