Bitcoin's (BTC) sharp recovery from two-week lows hit yesterday has raised the odds of a stronger rally towards $6,400, technical studies indicate.
As of writing, the leading cryptocurrency is changing hands at $6,245 on Bitfinex.
BTC was expected to drop below $6,000 in the last 24 hours as the bears were on the offensive following an inverted flag breakdown.
However, the intraday oversold conditions likely put a floor under bitcoin prices at the two-week low of $6,080, helping it chart a solid rebound to $6,283 (today's high).
While it is too early to call a bullish reversal, the change of fortune has saved the day for the BTC bulls. Moreover, the probability of BTC's price charting a picture-perfect inverse head-and-shoulders bullish reversal pattern would have dropped sharply had BTC found acceptance below $6,000.
Congratulations @srj1972! You have completed the following achievement on Steemit and have been rewarded with new badge(s) :
Click on the badge to view your Board of Honor.
If you no longer want to receive notifications, reply to this comment with the word
STOPDo not miss the last post from @steemitboard:
SteemitBoard World Cup Contest - Final results coming soon