Bitcoin is looking for Bullish
Battle may have fallen by 2% over the past 24 hours, but analysts have kept their heads high. According to analyst Nunya Bizniz, a technical indicator used by a prominent institutional trader who has become a battlecock who has predicted previous long-term rallies, has reappeared. Nunya argues that the specific reporting of the Tom Demark's Sequential on the monthly chart, which has a rather remarkable percentage of 71%, indicates that the "moon" rally for the BTC can be incoming.
There is, of course, a chance that the recent taming of this indicator is a fake flag, which means that a 50% reduction over the next four months is possible. But taking into account all the major factors, BTC can be positive. Other merchants would agree.
Crypto Hamster, a merchant who focuses on long-term analysis, recently noted that Bitcoin recently saw a key event unfolding in a weekly log chart. Hamster has recently explained that BTC has emerged from a downward channel and has moved into a rising channel that has been supporting Bitcoin for more than two years. This, in the eyes of the analyst, is a sign that the "market has made a decision" that the bear's rule can finally end.
Ordinary chart structure also suggests that the decline is over and a higher turn possible. Trader CL recently accentuated Bitcoin's one-day chart from August to date seems ominous as the one at the bottom of the market cycle from 2014 to 2016. In fact, three specific events in these two cycles are effectively identical from a technical point of view. First, the surreal event saw a monumental red candle. Second, an unsuccessful rally on the bear market has occurred in small volumes. Finally, the breakthrough resistance was achieved with a record volume of purchase. As CL writes: "If the story is repeated, we are leaving the bear market."
In addition, Bitcoin's daily resolution only prints golden graphics, while BTC's 50-day exponential moving average passes over its 200-day moving average. According to analyst James Edwards, "this is enormous." The reason he thinks this is that this technical tendency in the past has been of great benefit to crypto-lute. Edwards noted that the last time BTC saw the 50-200 golden cross on its daily chart, the subsequent gain was 6.787%, as Bitcoin saw when it came down from a virtually inconvenience to $ 20,000 in a historic move.
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But BTC may still not be clear. As Horn Hairs recently pointed out, Bitcoin's two- and three-day candles have not yet closed above the "low level since November 2017", which acts as a resistance in two remarkable declines, the China FUD round at the end of 2017; sale in November 2018. Additionally, the current benchmark for the Relative Power Index (RSI) for Bitcoin's two-day day seems to be ominous as the top of the top BTC at the end of 2017, indicating that it may be too early to says BTC is ready to go to heaven.
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