Bitcoin Rallies 7% From $9,100, Analyst Deems BTC Drop Over

Bitcoin May Be Forming Short-Term Bottom

Bitcoin (BTC) has finally started to show some life on its short-term chart once again. In the past 8-odd hours, the cryptocurrency has rallied off its $9,150 bottom, moving up 7% to $9,800 where it stands now.

According to a chart from Scott “The Wolf of All Streets” Melker, a popular crypto asset trader and DJ, this sudden breakout has seen BTC move above a key descending wedge and foray above a previous swing low/resistance. What’s more, the Relative Strength Index (RSI) is working on breaking higher, implying further upside, and the bullish engulfing candle structure may suggest a reversal of the bear trend for the time being.

$BTC 4 Hour

Bullish (35 minutes left to confirm). Descending wedge smashed, previous swing low broken (want to see…

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