{"id":413578,"date":"2020-02-05T18:00:29","date_gmt":"2020-02-05T18:00:29","guid":{"rendered":"https:\/\/ktsl888.com\/?p=413578"},"modified":"2024-06-11T13:41:31","modified_gmt":"2024-06-11T13:41:31","slug":"what-bitcoin-erasing-3-days-of-losses-in-just-4-hours-means-for-the-market","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/what-bitcoin-erasing-3-days-of-losses-in-just-4-hours-means-for-the-market\/","title":{"rendered":"What Bitcoin Erasing 3 Days of Losses in Just 4 Hours Means for the Market"},"content":{"rendered":"

After drifting lower over the past few days, Bitcoin\u2019s bulls have been able to post a strong defense of the support that exists within the lower-$9,000 region, which subsequently catalyzed a major upwards movement that has led BTC back up to its key resistance.<\/p>\n

This notable upswing, however, may not be enough to invalidate the bearishness that the crypto incurred over the past several days, as it has still been unable to post a sustained break of the resistance around $9,550.<\/p>\n

If the cryptocurrency fails to extend this momentum and close above this key resistance level, this move could simply be a blip that is followed by further downside.<\/p>\n

Bitcoin Races Towards Key Resistance as Bulls Defend Support<\/strong><\/h2>\n

At the time of writing, Bitcoin<\/a> is trading up over 3% at its current price<\/a> of $9,430, which marks a notable rally from its recent lows of $9,100 that were set at the bottom of yesterday\u2019s selloff.<\/p>\n

The slow downwards grind that BTC experienced over the past three days came about after the crypto made an attempt to rally past $9,600, but its sharp surge was met with intense selling pressure.<\/p>\n

In the near-term, bulls do appear to be attempting to form a bullish continuation pattern called a \u201crising three methods,\u201d and a strong daily close will confirm this possibility.<\/p>\n

\u201cBitcoin daily – Though its early BTC is working on a variation of the bullish continuation pattern called \u2018Rising three methods,\u2019\u201d Big Cheds, a popular crypto analyst on Twitter, explained in a recent tweet.<\/p><\/blockquote>\n

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$BTC<\/a> #Bitcoin<\/a> daily – Though its early $BTC<\/a> is working on a variation of the bullish continuation pattern called "Rising three methods" pic.twitter.com\/MxKYMdmvyy<\/a><\/p>\n

— Cheds (Trading Quotes) (@BigCheds) February 5, 2020<\/a><\/p><\/blockquote>\n