Bitcoin is on a 5 day bullish run gaining $765.41 (5.4%). Today's session so far looks to be heading in the same direction — after closing at $16,525 today, Bitcoin began today at $16,525 with significant bullish sentiment driving Bitcoin's price action higher. So far today, price action has drawn out a distinct $16,521 to $16,667 range.
Bitcoin price action is currently oscillating around the $16,658 resistance level with prices moving above and below several times during the session. Although up today, early price action saw Bitcoin dropping below its 3 day Simple Moving Average at $16,557 — an early indicator that a new downward trend could be emerging. A "bearish engulfing" pattern — a scenario when a larger red candle engulfs a smaller green candle, at the top of a prevailing uptrend. Typically this is a signal of lower prices in the near term.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest Bitcoin is set for a reversal in the coming days.
Other markets are also showing gains as having closed the previous session at $74.05, Litecoin is up 6.26% today to currently trade at around $78.68. Having closed the previous session at $300.6, Binance Coin is up 4.81% today to currently trade at around $315.05.
After hitting an important low of $15,759 approximately 5 days ago, Bitcoin has bounced back 4.86% since.