After drifting lower throughout the day yesterday, Bitcoin\u2019s bulls have attempted to push the cryptocurrency higher and have been able to propel BTC’s price above its 20-day EMA for the first time in over a month.<\/p>\n
Today\u2019s tempered bullishness may help the cryptocurrency climb higher in the near-term, and one prominent analyst is noting that BTC has been able to form a coveted EMA bull cross, which could mean that significantly further gains are imminent.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up just under 1% at its current price<\/a> of $8,440, which marks a notable climb from its daily lows of roughly $8,200 that were set yesterday.<\/p>\n Because Bitcoin has been caught in a wide trading range between roughly $7,800 and $8,800, without a major influx of buying or selling pressure, as long as it is in this range it may remain unclear as to where the crypto\u2019s price is heading in the near-term.<\/p>\n It is important to note that analysts do anticipate BTC to incur significant volatility in the near-term that may determine how it trends for the coming months, as its Bollinger Bands are beginning to pinch.<\/p>\n \u201c$BTC – with three weeks of sideways and the bbands starting to pinch, Bitcoin price could see some volatility soon. Good news is the price is above the 20-day MA for the first time in a month,\u201d Josh Rager, a popular cryptocurrency analyst on Twitter, explained while pointing to the below chart.<\/p><\/blockquote>\n https:\/\/twitter.com\/Josh_Rager\/status\/63231490<\/p>\n This volatility may ultimately result in Bitcoin surging higher, as it recently formed a bullish EMA cross that may allow it to blast past the multiple resistance levels that lie directly in front of it.<\/p>\n Big Chonis, another popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, explaining that where BTC\u2019s weekly candle closes tonight could determine how it trends in the near-term.<\/p>\n \u201c$BTC – GOOD MORNING #BITCOIN: First EMA Bull cross on the 1hr chart since the breakdown a couple days ago…still a ways to go to test higher resistance levels…Weekly candle closes tonight… 38.2 current resistance,\u201d he explained in a tweet.<\/p><\/blockquote>\n $BTC<\/a> – GOOD MORNING #BITCOIN<\/a><\/p>\n First EMA Bull cross on the 1hr chart since the breakdown a couple days ago…still a ways to go to test higher resistance levels…Weekly candle closes tonight… 38.2 current resistance pic.twitter.com\/brRQ1MP1Hu<\/a><\/p>\n — BIG Chonis (@BigChonis) October 13, 2019<\/a><\/p><\/blockquote>\nBTC Forms Bullish EMA Cross, But Faces Multiple Strong Resistance Levels<\/strong>\u00a0<\/strong><\/h2>\n
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