The Bitcoin price follows pattern, bottoming 2018
In the past few days, the price of Bitcoin has shown signs of strength and is up to $ 6 on Tuesday. 800 rose as global markets show signs of recovery after weeks of downward movement.
While many have claimed that this is only a short-term recovery before returning to 5th 000 $, there is an important textbook pattern that BTC is currently following and suggests that one Recovery is not yet complete.
Bitcoin continues to follow the bottoming pattern
Earlier this week we reported that Bitcoin is following a textbook floor pattern – the bump-and-run reverse bottom (BARR bottom) found in Thomas Bulkowski's Encyclopedia of Chart Patterns.
This pattern is characterized by a number of price trends:
1) a downward trend that leads to a massive, vertical sell-off
2) a floor pattern where prices consolidate as long as the downward trend mentioned above
3) a rally over the in
1) formed down line and
4) a relapse into the trend line before a rise that leaves the bottom of the valley far behind.
Interestingly, the pattern has held up for days as a trader recently shared the price chart below, which shows that Bitcoin is currently entering the fourth phase of BARR bottoming, which will surge over the next one to two weeks the highs of the first phase of about 9. 000 $ should follow, which means that the entire surrender could be reversed shortly.
This pattern is particularly noteworthy as it marked the bottom of the previous bear market, which developed over the course of the year 2018 and beginning 2019 signed. If you have a diagram from November 2018 to the high in June 2019, you would find that the price action Almost perfectly matches the textbook scheme since all phases are included.
Bitcoin is continuing to follow the Bump-and-Run Reversal pattern.
👀 $ BTC $ BTCUSD #bitcoin pic.twitter.com/II2lObqmtX
– CryptoHamster (@CryptoHamsterIO) March 23, 2020
Of course there is no guarantee that Bitcoin's price campaign will follow the textbook pattern again.
Not just a strong sign
This is not the only strong sign of the cryptocurrency. In terms of fundamentals, White House economic advisor Larry Kudlow believes the US government's stimulus package “will be about $ 6 trillion”. Here's a perspective on the astronomical number, which equals $ 6 trillion.
Here’s some perspective on the astronomical number that is $ 6 trillion.
$ 6 trillion is the same as
– 1/3 of America’s GDP
– 130% of the Federal Reserve's balance sheet
– Enough money for $ 850 for each human being on earth
– or 900 million Bitcoin
– Nick Chong (@_Nick_Chong) March 24, 2020
Although none of these incentives target Bitcoin directly, analysts believe that this money will dramatically increase the value of Bitcoin and other cryptocurrencies. Preston Pysh, a prominent market analyst and podcaster, recently said the following in a podcast with Anthony Pompliano, a partner of Morgan Creek Digital:
Regarding the checks that will soon be issued to American households, Pysh noted that there are many millennials (and also older semesters) who are willing to use a portion of these checks for Bitcoin because they see the value of this technology and solid digital money in a digital world where the scarcity has become volatile.
Proof of text: newsbtc
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