Bitcoin (BTC) Price Prints ‘Ugly’ Weekly Candle, but All Is Not Lost for Bulls – U.Today

Alex Dovbnya

Bitcoin (BTC) is struggling to recover after a string of losses over the past few days

According to prominent cryptocurrency trader Scott Melker, Bitcoin (BTC) has just formed an 'ugly' candle on its weekly charts after the flagship coinfailed to surge above $7,000 and witnessed a substantial price drop.

However, the bulls should take comfort in the fact that Bitcoin did manage to print both daily and weekly closes above $5,873, which was identified as a key support level by Melker.

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Despite the convincing comeback of the bears that made many traders dust off their $2K charts, Bitcoin managed to hold above its 200-day moving average, which is arguably the most important trendline.

Trader Big Cheds noted thatBTC had formed an inverted hammer on the weekly chart. This candlestick pattern, which can be identified by a long upper shadow that dwarfs the size of the body, isoften treated as a bullish reversal pattern that marks the end of a downtrend.

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So far, Bitcoin has managed to hold the $5,800 support despite the recent onslaught of the bears. At the time of writing, Bitcoin is actually up by almost six percent, changing hands at $6,221.

U.S. stock market futures are currently in the green after U.S. President Donald Trump extended federal social distancing, which indicates that equities are going to have a less-than-awful day. This is bullish for Bitcoin given its recent correlation with stocks.

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Bitcoin (BTC) Price Prints 'Ugly' Weekly Candle, but All Is Not Lost for Bulls - U.Today