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Bitcoin price analysis: BTC/USD double morning star formation demonstrates signs of reversal via weekly view

  • The Bitcoin price is trading with minor gains of some 0.50%, following the closure in the green last week.
  • BTC/USD price action via the weekly chart view is demonstrating signs of a trend change. 
Bitcoin price analysis: BTC/USD double morning star formation demonstrates signs of reversal via weekly view
Ken ChigboKen ChigboIndependent Analyst

The Bitcoin price on Monday is trading up with gains of 0.50% at the time of writing, as the bulls look to build on the positive weekly closure. BTC/USD managed to close the week in the green, as the price attempts to stabilize following the heavy downside trend that has been seen since June. 

Last week, the price once again bounced off a critical weekly support seen at $7800. BTC had also tested this area in the prior week, with it remaining intact. 

The weekly candlesticks have formed two morning stars, which do indicate a potential trend reversal. Market bulls will need to further capitalize on this, if so, a quick return to the psychological $10,000 mark could come into play. 

BTC/USD weekly chart

Author

Ken Chigbo

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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