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The crypto market, and more specifically Bitcoin, is at an important turning point in its existence. Became a home almost overnight thanks to the late 2017 media blitz that fueled the meteoric rise of cryptocurrency up to its record $ 20,000, and the bubble that has it. result that led to the longest bear market ever recorded, Bitcoin must again prove to investors that it is here to stay.
As Bitcoin approaches more and more the powerful support turned into resistance at $ 6,000, a clear break between the former springboard and a resistance above the resistance could show investors and traders that it is ready to face the race to the new bull market. Two separate charts from other financial markets seem strangely similar to Bitcoin's path through the entire bear market up to this crucial turning point and could hint at what might happen next in Bitcoin price charts.
New Turkish Lira Chart Offers Upward View of Bitcoin Price
In a recent tweet from a major crypto trader CryptoWolf, the analyst shared a graph with surprisingly similar peaks and troughs, corresponding to the 2018-2019 Bitcoin bearish markets, and could serve as an upward prediction for the Bitcoin trajectory from now on.
At that time, it was pure hopium. pic.twitter.com/ywU2ggBIn5
– CryptoWolf (@IamCryptoWolf) May 3, 2019
The forex market graph shows the price action of the USD / TRY pair. As can be seen clearly, the chart showing the US dollar coupled with the new Turkish lira closely resembles each movement of fluctuation in the bear market of Bitcoin.
There is even a V-shaped depression as a result of a bowl that has turned into what eventually became a failed panties of Adam and Eve. Later, a reversal similar to that observed in late June and early July of Bitcoin took place, but did not sufficiently reinvigorate the bulls to stop the decline. bearish.
After that, the support broke, showing a new minimum that rebounded quickly, revisiting the previous peaks in just a few months, once the candles were closed over the support, turning into resistance.
Related reading | Bitcoin Trader: Big money is long and clean, re-accumulation is expected at $ 10K
Bitcoin is currently on the same support as the formerly broken resistance, which caused a return to the top of the wind tunnel top. If the same thing happened in Bitcoin, the price of crypto assets could reach $ 20,000 by July if the chart recurs. But, like the analyst, "at the time, it was pure hopium," any bull that thinks $ 20,000 is imminent relies solely on this "hopium."
Silver shows the bearish version for BTC
Of course, there are similarities in many charts, as markets tend to do the same. In the table of money prices, which "showed more than 1000% of parabolic gains," then collapsed, shows a trajectory similar to that of Bitcoin.
#Bitcoin against $ Silver$ Silver has published more than 1000% of parabolic gains / dropped$ BTC Parabolic gains / decline too displayed$ Silver found support at 200 months MA$ BTC found support at 200 Week MA$ Silver found resistance at 50 months MA$ BTC in trouble against 50 Week MA
(Comparison for pleasure only) pic.twitter.com/aV5Xo9wlAn
– Trading Room (@tradingroomapp) April 30, 2019
Following the break in the parabolic advance, which, as Peter Brandt claims, can lower the price of an asset by more than 80% on average, the money has found support for the 200-year moving average. month. Bitcoin, on the other hand, found support on the 200-week moving average.
The money then came back to support, eventually ending up first in the moving average of 50 months. Bitcoin currently flirts with the 50-week moving average.
Related reading | Tech, Gold, Oil and S & P 500 stocks: Bitcoin's return on investment beats them all
Silver failed to break through the resistance caused by the 50-month MA, which resulted in a further fall in assets, breaking this time the 200-month moving average previously supported.
If Bitcoin were to fall from here, the 200-week moving average would currently be around $ 3,450 and a break below would likely lead to panic and new lows for the major market capitalization cryptocurrency.
As noted earlier, Bitcoin is at an important point in its life cycle and the consequences could impact its longevity as a financial technology.
Selected image of Shutterstock
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