- Bitcoin is up 15% from the lows indicating strong interest at the $33,000 level
- Price action is forming a falling wedge pattern, which is bullish
- Market sentiment is becoming more positive
The vast majority of the top 100 cryptocurrencies are in the green today after a bounce in Bitcoin (BTC) saw some confidence returning to the market.
At the time of writing, BTC is up almost 3%, trading just under the $38,000 mark.
This means that the price of Bitcoin is now up around 15% from the recent low of $33,000, indicating a strong interest at these levels.
Indeed, recent price action has spurred speculation about whether the bottom has formed already, suggesting that the market is ready for its next leg up.
A Look at the Charts
After hitting an all-time high back in November, BTC has been in a clear downtrend ever since as the wider global markets have sold off due to fears of inflation and lackluster demand.
However, the BTC chart seems to be forming a falling wedge pattern which is considered to be bullish in the crypto markets.
If BItcoin is able to breach the upper trendline and consolidate there for a few days, more traders will likely deploy their capital in anticipation of further moves upward.
Bitcoin may continue ranging between these long-term support and resistance levels until there is a larger shift in market sentiment.
Market Sentiment on Social Media
Many prominent traders on Twitter also seem to be buying at these current price levels.
Will Clemente, a lead analyst at Blockware recently posted a chart suggesting Bitcoin is currently at its 4th most oversold price in its history, implying that prices rebound soon.
Another popular trader who goes by the name of Pentoshi seems to agree with this notion and suggests that BItcoin has entered his “buying” zone for the first time in months.
Of course, it is not possible to predict how the crypto market will perfrom but sentiments appear encouraging for now.
Trade with a cryptocurrency robot
Cryptocurrency robots are software tools that trade top cryptocurrencies using algorithms on your behalf. These robots usually partner with the best cryptocurrency brokers to provide the best trading experience. Below are some of the best cryptocurrency robots in the industry:
Quantum AI: Quantum AI is a cryptocurrency robot allowing you to trade BTC, USDT, LTE, XRP with a minimum deposit of $250. It offers automated trading features that do not require any trading knowledge.
Immediate Edge: Immediate Edge is one of the top crypto bots, allowing you to trade BTC, ETH, XRP, LTC and more, along with GBP, EUR, USD fiat currencies. Immediate Edge takes 2% commission on profits and claims 99% win rate. Immediate Edge gives beginners an excellent opportunity to explore contract-for-difference trading with some of the best Bitcoin brokers in their country.
Bitcoin Era: Bitcoin Era allows you to trade BTC, BCH, ETH, LTC, BTG, ZEC and 8 more top cryptocurrencies. Bitcoin Era claims to have a powerful AI algorithm developed to carry out profitable trading strategies. It comes with a minimum $250 deposit and no trading fees.
