Bitcoin price analysis: Form the base, gain strength and rally a bit, is this the new norm?

Base formation visible on the charts.
Some more gains may come forth.

Manoj B Rawal Independent Analyst

Bitcon, the largest cryptocurrency by market capitalisation and the poster boy of digital currencies, has been forming base around current prices an gaining steam on the upside after the weeks of selling pressures.

BTC/USD is down about 0.3 percent at $6,735 and trading in a less than $100 range for the day - a sham on the very nature of cryptocurrencies which are known to be volatile.

A quick look at the hourly chart pattern of Bitcoin for last few days, throws up some interesting pattern. It has been forming base, rallying up a bit and then consolidating those gains to rally again. Such a base formation is healthy for the bulls and goes a long way in long term rallies.

BTC/USD hourly chart:

Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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