There is 59% Chance for Bitcoin to Continue Its Bull Trend; Here’s Why

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Bitcoin held on to $27,000 for most of Tuesday after setting its record high of $28,387 earlier in the week. The benchmark cryptocurrency opened higher at $27,039 and hit an intraday low of $25,833 in early trade volatility. However, traders treated the downside correction as their cue to accumulate at cheaper rates. A retracement ensued, and the BTC/USD exchange rate reclaimed the $27,000-support. The pair hit $27,336 before closing the day at 1.21 percent higher. In doing so, Bitcoin formed a small-bodied bullish candle on its daily chart that resembled a Hanging Man candlestick pattern. What is Hanging Man? The term reflects the candle’s shape formed on Tuesday, with a small distance between its opening and closing rate and a longer lower wick to the downside. The pattern also has a negligible upper shadow, which—as many technical chartists believe—makes it a perfect Hanging Man indicator. An independent analyst, known by…

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