The much anticipated correction in Bitcoin (BTC) has begun. However, according to veteran trader Jonny Moe, this is no cause for bulls to grieve. Analyst Jonny Moe predicts that Bitcoin’s rally will resume soon after many day traders secured their short-term gains at a price of around USD 12,000. He stated that the price of BTCUSD was falling towards a specific ascending trend line. This lower price limit is apparently part of a newly developing rising triangle pattern that would technically indicate a continuation of the upward trend of Bitcoin.
Not yet out of the case
On 12th August, Bitcoin is not yet out of the case with absolute certainty, but the three four-hour doji candles in a row, which show a clear “NO” to the efforts of the bears with their over 2% long and downward wicks, are very bullish. This is a strong indication of a rapid reversal of the crash and also speaks for a triangle formation, which we have often observed with Bitcoin in the recent past. What the three candles also indicate is considerable buying pressure near the lower trend line. So it stands to reason that the price will move back towards the horizontal resistance around USD 12,000 in the next few hours.