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The Bitcoin disbelief rally of 2019 resumed some of the public frenzy and media attention felt at the height of the last bullish race, despite the imminent start of the next. Investors and analysts in the cryptography industry are looking at price charts in the hope of knowing where the recovery could end.
A swing trader in particular believes that by analyzing the historical evolution of BitMEX prices, the objectives of the parabolic Bitcoin rally can be predicted. The two "to take" targets that have been proposed by the merchant are $ 12,000 and $ 22,000.
BitMEX Price Helps Trader Identify Profit Targets on Bitcoin Rally
Throughout the bear market, BitMEX has clearly become the market leader as one of the few crypto-currency markets offering short sales and leverage, allowing crypto investors to take advantage of cryptocurrency prices.
Related reading | Crypto Analyst: Bitcoin price now above the ideal shopping area, the shortest duration yet
As Seychelles-based trading platforms are in high demand, traders and analysts often consult BitMEX's price charts to get an accurate picture of future market moves.
If the ~ 3K area was the bottom – here are the exact projected targets of BTC based on the Bitmex price history.
1st TP: $ 12.6K – $ 15.1K (0.5 to 0.618 extension)
2nd TP: $ 22.6K (1: 1 extension)Purchase of dips: $ 6.3K and $ 5.2K (volume confluent)
Pretty excited to see if it ages well. pic.twitter.com/euJBqeF14u
– Eric Choe [Mr. Swing Trade] (@ CryptoChoe) May 15, 2019
According to Eric Choe, former winner of the CME group, in the context of the trading competition, the current profit for the Bitcoin price during the current rally is between $ 12,600 and $ 15,100. Both prices would place the Bitcoin price between the Fibonacci extension of 0.5 to 0.618. The second level of profit, says the self-proclaimed swing dealer, is $ 22,600 – a price that would set an unprecedented new high for the major market capitalization cryptocurrency.
With an almost confirmed bull market, most crypto traders have switched to buy the dip. Choe says that the ideal area to buy hollows ranges from $ 5,200 to $ 6,300, where the confluence of a large volume is located.
But will Bitcoin even dive with so much FOMO on the crypto markets?
From the peak of the crypto bubble in late 2017, the cryptography market has not been as successful. The recent spike in Bitcoin has sparked a renewed interest from retail investors in institutions seeking to familiarize themselves with the new asset. class.
Related reading | Why the next edition of the Bitcoin Bull Run could it eclipse the latest crypto bubble
This buying pressure has not allowed Bitcoin to fall by more than 8% since the start of the recovery. Bitcoin was also able to remain strong against the accusations made last month by the New York AG bureau against Bitfinex, and hacking Binance – among the cryptographic exchanges with the largest volume of transactions.
It is FOMO which creates the strong parabolic ascents to which Bitcoin is accustomed. It is also FOMO that has helped digital currency reach its highest level. Should Bitcoin break above
Selected image of Shutterstock
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