- Bitcoin price prints two consecutive bullish engulfing candles on the 3-day chart.
- The Volume Profile Indicator shows more transactions within the current uptrend than the infamous 2020 10x bullrun.
- Invalidation of the bullish thesis is a breach below the June 18 swing low at $17,662.
Bitcoin price shows very optimistic signals as the bulls have rallied 20% within the last six days.
Bitcoin price looks promising
Bitcoin price is taking the cryptocurrency market by surprise as the bullish retaliation appears to be stronger than the entire 2020-2021 bull run. Bitcoin price has printed consecutively bullish engulfing candles on the 3-day chart. In doing so, the bulls have conquered a 20% rally since the most recent breach of the $19,000 level occurred during the first week of September. Aside from the strong candlestick signals, there are a few more reasons to believe that Crypto Season is almost here.
Bitcoin price currently auctions at $22,207. The bulls have hurdled above the 8-day exponential and 21-day simple moving averages, which is the first optimistic gesture. The most notable bullish signal is the Volume Profile Indicator. According to Binance Exchange, the recent uptrend has more transactions than the infamous 10x bull run from 2020 through 2021.
If the market bottom is truly in, then placing an entry at the current time is justifiable. Based on Fibonacci projection tools, a Crypto Season with Bitcoin targeting the $120,000 to $180,000 price zone is now on the table. Invalidation of the bullish thesis is a breach of the June 18 swing low at $17,622.