Cryptocurrencies divergent expectations for future of cryptocurrencies
2019-09-11 01:10 pm | Resource: | No Views : 7
Bitcoin price slips back. Over the past day, the cryptocurrency has headed lower, dropping to $ 1050 at the time of writing. Recording a 2.5% drop on the day, although the bitcoin index does not seem bearish in itself.
However, as volumes decline and Bitcoin recedes into a descending triangle pattern, which analysts say means more price collapse, bearish traders are starting to see their theories gain credibility. Analysts have recently noticed that if you are going to compare the evolution of the Bitcoin price right now to early 2017, moving to the "7,000 range is a staggering distance", pointing to a possible downturn. However, there is a very accurate technical indicator showing that bulls in this market will be able to withstand the collapse to $ 6,000.
Bitcoin price is ready to rebound
On the other hand, in a different way over the relatively short history of the currency market, repeated models have been created. One such element is the reversal of Bitcoin from its 20/21 week moving average in emerging markets to confirm the upside.
In the historical year of 2017, Bitcoin beat this level about five times, each time closing above that key moving average, then rising to all-time highs in the weeks that followed. In fact, if history repeats itself, Bitcoin will be strengthened only after facing this major support, and will not weaken until it drops to $ 6,000.
Another merchant, Mr. Anderson, echoed this. He explained that although cryptocurrency trading below $ 10,200 should be cause for concern, Bitcoin has never failed to support the major daily moving averages (which are very similar to 20/21 weeks)
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