Bitcoin’s starting the week on the right foot after its worst week since November. Now, a number of technical indicators are signaling the potential rally may have further room to run.
On Monday, amid a rally of more than 4% to $8,886, Bitcoin retook its lower band, according to the Trading Envelope Indicator, a gauge that smooths moving averages to map out higher and lower limits. It may potentially test the upper limit, which could bring the coin to around $10,600. Bitcoin posted a similar move in mid-December, when it breached its lower band and rallied more than 10% in the ensuing week.
