On the night of January 7, quotes of the first cryptocurrency in less than 4 hours rose from a level of about $7,500 to almost $8,000.
Big Cheds crypto trader noted the formation of an inverted head and shoulders pattern on the Bitcoin price chart. In his opinion, for further growth, the cryptocurrency should be kept for several hours above the level of $7600.
CryptoBirb, a popular analyst on Twitter, drew attention to the importance of digital gold testing at the level of $7800. Breaking through the upper border of the “falling wedge” pattern may trigger a parabolic trend, he said.
However, for this, Bitcoin will have to overcome key resistance levels by approximately $9,000 and $10,000.
CoinDesk markets analyst Omkar Godbow pointed to the importance of the $7,870 mark for a bullish reversal.
Earlier, technical analysts stated that the quotes of the first cryptocurrency as a whole are in a downtrend and are still far from a full-fledged reversal.