A comfortable close above the upper boundary of the pitchfork could expose BTC to a retest of the $35,800-zone before a committal move.
The plunge phase transposed into compression between the $34,423 and $46,643 that lasted for over four months now.
With the rising gap between 20 EMA , the fate of the immediate trend still rested with the sellers.
But there is a ray of hope for the investors as buyers have upheld the $34,400-level for the last nine months.
However, the magnitude of this revival will depend on the willingness of the buyers to ramp up the buying volumes.
In view of the long-term willingness of the buyers to hold on to the $34,400-zone alongside the bullish divergence with OBV and oversold readings on RSI, Bitcoin revealed good chances for a near-term revival.
With a background in financial analysis and reporting, Yash is a full-time journalist at AMBCrypto.
Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice.