Bitcoin Touches 4k After Double Bottom Neckline Now Time For Positive Rally

Steemians Bitcoin lovers look at chart

The leading cryptocurrency by market value fell below $4242 Low of Wednesdays inside day candle in the Asian trading hours putting the bears back into the drivers seat. As a result BTC fell below the 200week exponential moving average EMA of $4182 earlier today.

The breach of the EMA support however may have trapped the bears on the wrong side of the market as BTC is currently trading at $4330 on Bitstamp having clocked an intraday low of $4061 earlier today.

It is worth noting that the long-term EMA was first breached on Tuesday. The subsequent sell-off however ended at the 14month low of $4048 and prices recovered to $4500 on the following day.

The repeated failure to beat the long-term support indicates the bears have likely run out of steam As a result a stronger corrective rally could be in the offing

Thanks n credited: coindesk

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