After Bitcoin's recent bounce at the $7,200 support level, sentiment towards the market within the Crypto-Twitter community seems to have become bullish yet again. Tracking the price movement, it was evident that $7,200 was a critical trendline support that, if successfully held, would complete the formation of a bigger consolidation pattern.
On daily, we are seeing upwards momentum indicated by higher highs and higher lows. The momentum was further supported by the $300 million freshly minted USD Tether:
There is high possibility that Bitcoin has bottomed out at $7,200. During Bitcoin's most recent lows, Panda noticed a discontinuation of the capital exodus from the crypto sphere which began in December. A day after Bitcoin's bounce at $7,200, Panda also noticed an influx of capital into the altcoin market, presumably a "buy the bottom" strategy.
(Panda Tweeted Bitcoin's bullish prospect while other analysts charted a drop to $3,000 on March 17)
Moving forward, it is expected that Bitcoin continues its upward movement and breaks the log trendline resistance in a week's time or less. Key pressure zones which can temporarily reject bullish candles are the top two green boxes. Watch for $10,000 and $12,000 price levels. A clean breach of $12,000 will take Bitcoin to its new moon which, in Panda's eyes based on fibnacci extension, will be $22,000.