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Price forecasts for the bitcoin and cryptocurrency markets quickly followed, as the fundamentals seem to be prolonged and the bears to run out of steam. The short-term price action will help day traders make quick profits, but most industry observers are there for the long haul. Analysts have been looking at the trends of the last 12 months to predict the next big move and some agree that it is more likely that it 's all right. an upward trend.
Resistance is futile
Bitcoin has now returned to its resistance level of nearly four months to $ 4,000. He has not been able to break through this price zone since the end of November, when he fell through a huge dump. BTC earned only $ 4,100 three times in four months and quickly retreated. The good news is that there was no major landfill below $ 3,000 as planned.
This is not to say that this will not happen yet, but one analyst believes that the next move will be on the rise based on the long / short ratio analysis;
$ BTC short / long ratio analysis that I have reviewed today.
There is a well-established trend over 12 months.
If this formula holds, it implies that Bitcoin will rally 25-50%.
See the table for more details.
This tweet will self-destruct in 7 days. ? pic.twitter.com/O3nruTSqLt
– fil₿fil₿ (@filbfilb) March 18, 2019
Observing the well-established trend of the last twelve months, Bitcoin's 'fil₿fil₿' analyst claims that BTC will grow from 25% to 50% if this formula is valid. The previous increases all exceeded 25%, the highest being above 50% last April, when bitcoin went from 6,600 to over $ 9,000. This year's rally saw Bitcoin climb by more than 28% from the lowest points to the highest ever recorded.
Volume increase – $ 5,000 upgrade?
A similar ratio of more than 25% would bring BTC down to $ 5,000 over the next few weeks, which echoes an earlier prediction using a different metric. Using the Fib 0.5 level, the same analyst called for more bullish momentum and up to $ 5,000 in May.
We wait patiently for the last weekly shutdowns to show that the increase in volume was just a case for a market turnaround
We are looking forward to being optimistic, but it is not the moment
In fact, new research shows that the overall volume is down 80% on the whole trade since December '17 pic.twitter.com/AV5N1zb2QT
– Josh Rager ? (@Josh_Rager) March 18, 2019
The daily volume has also been a reliable indicator of a possible reversal in bullish territory. However, recent reports of false volumes and tampering with the trade have called these numbers into question. If Coinmarketcap.com can be considered a true representation of the total volume, it is currently $ 9.3 billion for BTC. It has more than doubled since the beginning of the year and maintains these levels in all reported trade.
However, compared to the months of strong expansion at the end of 2017, the volume of transactions is about half of what it was at the time. The increase in sales volume beyond 4 months of side trading below US $ 4,000 seems to indicate that the next Bitcoin move will be even stronger. Once that happens, the rest of the cryptography market will follow as it has already done countless times before. At the time of writing, Bitcoin was trading at $ 4,050, the last three days.
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