Bitcoin surges by ~7% in under an hour; Has the rally finished correcting?

Bitcoin’s rally in a parabolic curve led most of the community to believe that this was the bull rally, however, the correction of this surge was due, which began on 16.

The correction wave, as expected by many prominent traders was approximately 30-40%, which would put the of Bitcoin $5, to $5,800. However, the correction seems to have finished as the price of Bitcoin surged by more than 7% in less than an hour.

Source: TradingView

The market cap of Bitcoin, at press time, was $136 billion and most the volume for Bitcoin was coming from BitMEX exchange via trading BTC/USD derivatives. BitMEX contributed a total of $3.38 billion in terms of trading volume, which is 12% of the total trading volume.

A user @DoveyWan suggested a head and shoulder pattern for Bitcoin:

CNBC suggested something similar, however, the pattern doesn’t seem to be holding. A user @thecryptomonk, tweeted:

The post Bitcoin surges by ~7% in under an hour; Has the rally finished correcting? appeared first on AMBCrypto.

Post written by our friend Akash Girimath and from ambcrypto
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