BTC analysis: Bitcoin low is near, bullish reversal is “strong”
Since Bitcoin (BTC) reached the end of November 6 90 $, analysts are wondering if the bottom is really down is reached. Finally, the leading cryptocurrency jumped a week ago 10% – from 6. 150 $ to 7.
Bitcoin failed to get the crucial resistance at 8. 0 $ to break, which is crucial bearish – however, analysts now assume that a low point is formed.
Bitcoin might bounce off soon
On-chain research firm Glassnode has recently observed: There is a confluence of factors indicating that Bitcoin soil is forming – if not already here.
First, they noted that the “market value to realized value” (MVRV), the ratio between market capitalization and realized capitalization, “consolidated” into one. This means that profits are realized by Bitcoin investors. A single measure of the ratio often marks a low for the cryptocurrency market.
There is also unrealized profit that “draws a very similar picture”. “As investors realize less profit, $ btc's selling pressure will begin to decline, creating an upward momentum,” the company says.
It's not clear if the Glassnode analysis indicates that Bitcoin is in the lower range of 7 for a while. 0 $ – or if the cryptocurrency drops lower. In any case, the “ground is near – and when it does, the inversion will be strong.”
The “strong reversal” that the analytics startup speaks of is consistent with other analytics.
As Coincierge.de reported, the opening month for Bitcoin (BTC) was staggering for one reason: The opening of the December candle for the price of the crypto currency triggered a “sell-off” for the “Market God v7” indicator out.
This was considered bearish – for the last time the indicator gave the signal in April, i. before the move, where the Bitcoin price has dropped from five digits to 3 90 $ before a buy signal near bottomed out
However, according to Thies' recent review of the indicator, the “sell-signal” has dissolved as the bear has failed to lower the bitcoin price further.
Not to mention that Bitcoin's diagram forms a floor pattern. Popular crypto analyst Jonny Moe notes: Bitcoin's chart is currently building a trough pattern, which may show that after pumping .
“The BTC Inverse Heads and Shoulders we saw last week turned into Adam on a potential Adam & Eve floor. One could also interpret the Eve as the beginning of a cup & handle continuation. Both still have potential, but surely they exist. “
Text Proof: newsbtc
Last update: Sunday, December 8