Since reaching $ 10,500 last week, Bitcoin (BTC) is in a quiet state, trading within a narrow range between $9,000 and $9,500. Despite this consolidation above the 200-day moving average, which many analysts would call faster than the recession, some fear that the warning signs on the crypto market chart are blinking. He claims that there is a possibility of decline from here.
Bitcoin Flashes warning sign
Recently, a James analyst drew attention to several reasons why a recession in Bitcoin could be rational. He said the BTC three-day relative power index remains in the "bear market" zone, while the recent high movement was a textbook signal for a continuation of the trend. He said there are also two hidden recessive changes in the one-day chart, indicating a greater breakdown.
Dave Wave reinforces this feeling. He said the histogram began to contract daily, while the one day moving average convergence (MACD) divergence began to work. This means that the medium term trend is "downward".
Bull Case building slowly
While Bitcoin may soon be susceptible to a short-term decline, one that could return to the $ 7,000 range, the case of long-term uptrends is feeling again.
As this media already reported, the popular analyst Filb Filb pointed out that at the end of November or beginning of December, the "Golden Cross" would appear on the moving averages of 50 and 100 weeks, which he says is much more important "for the Bitcoin market that transcends other technologies. "
The table in the file shows that, since the last time the 50 weeks were above 100 weeks, bitcoin has been delayed for months, reaching a maximum in the new month of the month. The suggestion of historical preference would be what will happen again … again.
In addition, businessman Hornhair has mentioned that "he enjoys the opportunity to reach $ 14,000 before $ 7,000". .
Well, it has a lot to do with the origin of Bitcoin and it closed in October. He commented in a recent tweet that with the strengthening of Bitcoin and the maintenance of a one-month interrupt switch, the 0.618 Fibonacci retreat of the entire cycle, the control point defined by the volume profile and the annual axis, It's folding instead of BTC.
[…] a maximum overnight after facing a brief consolidation battle within the low zone of $9,000. The BTC still has a long way to go before reaching a recent high of $10,600. That was at the peak of the […]
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