DEXE Token Shoots up with a Double Bottom Pattern, Will the Buyers Surpass the High Supply Trendline for a Run to $12?

As Bitcoin hangs at $58,500 and Ethereum at $2,620, altcoins are starting to give early signs of recovery.

Bitcoin price showed signs of recovery on Monday after falling below the key level of $58,000 last week. The world’s largest cryptocurrency started the week with an intraday loss of 0.5%. However, the bullish traders are attempting to push the price higher after showing signs of weakness last week.

Bitcoin opened the week at $58,143 after closing last Sunday at $58,333. Following a bearish wick rejection from the overhead trendline last week, the price fell to a four-day low of $57,860 on Monday morning.

After showing signs of weakness last week, bullish traders are attempting to push the price higher. Monday’s morning low marks a 0.78% drop from the opening price and a 0.9% decrease from the previous day’s close.

Bitcoin Bulls Attempt to Push the Price Higher After Last Week’s Weakness

Monday’s morning low also marks a 5.5% decrease from the 14-day high of $61,260, which came on Monday, August 15. Coming back to Monday’s morning low, the price started to show signs of recovery after forming a morning star pattern on the 15-minute chart.

The morning star pattern teased a 1.3% rally, pushing the price to an intraday high of $58,560 by 8:40 a.m. EST. This morning’s recovery rally comes after a bearish morning star pattern teased a 1.1% drop from $60,660 to $60,060 on Friday morning.

Later on Friday, the price recovered from the $59,200 support, teasing a 1.3% morning star pattern rally to $60,160. The morning star pattern teased a double-top pattern at $60,200, which led to a bearish morning star pattern on Saturday morning.

Coming back to Monday morning’s 15-minute morning star pattern, the morning star pattern teased a 0.5% rally from $58,400 to $58,660. After teasing the morning star pattern, the price showed signs of weakness once again as it headed toward the overhead trendline resistance.

Monday’s morning low marks a 3.3% decrease from the weekly opening price of $60,360. A bullish close on Monday will mark three consecutive days of bullish activity after last Thursday’s morning bearish morning star pattern.

Bitcoin Price Analysis: A Closer Look at Key Levels

Monday’s morning low marks a 3.3% decrease from the weekly opening price of $60,360. A bullish close on Monday will mark three consecutive days of bullish activity after last Thursday’s morning bearish morning star pattern.

After forming a double-bottom pattern from the $56,800 support on August 11, bullish traders attempted to push the price higher last week. On Thursday morning, a morning star pattern teased a 0.7% rally from $58,060 to $58,360.

Later on Thursday, a morning star pattern teased a 0.6% rally from $58,000 to $58,260. On Friday morning, a morning star pattern teased a 1.1% rally from $58,860 to $59,300.

After forming a double-top pattern at $59,300, a morning star pattern teased a 1.3% bearish morning star pattern rally from $59,260 to $58,660. Monday’s morning low marks a 2.7% decrease from the double-top high.

Meanwhile, the technical indicators on the 15-minute chart show signs of bullish momentum after forming a bullish divergence on the RSI line amid the previous two declines. Coming to the moving averages, the 15-minute price action shows a bearish crossover of the 100-day and 200-day Simple Moving Averages (SMAs).

However, the 15-day Exponential Moving Average (EMA) shows signs of a potential death cross with the 200-day SMA, indicating a bearish scenario. Despite the bearish crossovers, the recent bullish morning star patterns tease a possibility of a bullish breakout rally.

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