The flagship cryptocurrency has resurfaced from the trenches for now, and it is trading at the mid-level above the $30K support mark. The bears were able to get the price pushed back to the initial level of January. Nevertheless, bulls are not giving way and losing faith in the restoration of the bull market.
To keep the upward trending intact a lot of effort has been put on the market on both sides. The gross difference in the market for buying and selling would eventually tilt in favor of one party. A few days ago, Bitcoin fell to the $30,000 mark. However, now it is floating at the price of $34K. When the week is over, this tug-of-war between the bulls and the bears will nominate the winner.
Bulls are Trying to Crash the Hammer on Top of the Bulls to Take Back Control
The bears have been able to create frequent falls and shocks in the market. Bitcoin started this year with a price mark of $28,800. After registering ATH of $64,500 in April, Bitcoin fell back down to the level that it started from. The bears have been trying to drive down the price and make arrangements for shorting the beacon coin. It is obvious that in the future, Bitcoin prices would go up.
The more investors can increase their holdings, the better chances they have to make more profits in the long run. Meanwhile, bulls have been busy buying from the dip and saving the price and their long positions. If the histogram can keep the hammer intact, also known as the Japanese hammer, there is a good chance that another bull run could jump start.
The Danger of Phantom Hammer is still Lurking in the Market
Taking a look at the Bitcoin price history chart, it is clear that the formation of the Japanese hammer over the weekend results in a new price appreciation. If such a phenomenon is possible today, it would be the third hammer in a row. However, there are other signs like a green hammer that could create a major disruption.
The green hammer was followed by the black Thursday event, which signifies a false bottom for the market. Therefore, bulls have to be careful to keep the balance intact and watch the market carefully. It should be noted that each time the hammer worked, the Leveraged Moving Average Convergence Divergent (LMACD) was moving in red and ready to turn green.
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