With a bearish Sunday, the week starts with a red candle for Bitcoin as the BTC price struggles to absorb the overhead supply wave. Taking another rejection from the $38K barrier, the sellers remain strong to plunge Bitcoin for a 0.92% drop on a Sunday.
As the bearish momentum survives, at press time, the BTC price registers a 0.29% drop but forms a long-wick candlestick. Overall, the weekend signals a bullish failure and teases another bear cycle within the flag pattern.
Source- Tradingview
Bringing in the good news, the buyers managed to sustain the recovery rally and form the sixth consecutive green candle in the weekly chart. Marking a 37.92% growth, the BTC price is struggling to fuel the November rally. The bullish recovery aligns with the positive sentiments of Bitcoin price prediction and signals further recovery.
Currently, the BTC price trades at $37,356 and an intraday pullback of 0.29%. Nevertheless, any positive news can magnify the bullish trend momentum and lead to a sharp price jump.
Technical indicators:
EMA: The positive trend in the 50D EMA and the 200D EMA maintains a remarkable growth. Further, post-golden crossover, the bullish gap increases within the two average lines, signalling a strong uptrend.
MACD Indicator: With a minimal bearish gap within the MACD and signal lines, the downtrend action may soon cease with a crossover.
Will BTC Price Give A New Breakout Rally?
With the bullish flag in motion, the general market sentiment anticipates another bullish breakout in the BTC price. Therefore, an early reversal possibility looms over the ongoing pullback phase. Further, the weekly trend reflects a strong bullish wave in motion, increasing the possibility of a breakout.
Therefore, with the positive sentiments surrounding the biggest crypto, the BTC price can jump by 12% to the $42K mark. Conversely, the ongoing pullback can retest the bottom support trendline close to $36K.
Sohrab Khawas
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he’s trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he’s not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
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