Analyst: Bitcoin can have another 100 days of accumulation
In the last twenty days, the crypto course market has gained gains and formed new trading areas. In terms of total market value, this is between $ 170 and $ 185 billion with Bitcoin holding over $ 5,000. Several analysts, using previous chart patterns as a guide, believe that this consolidation could continue for several months.
Perhaps more accumulation months
By comparing the weekly chart from 2015, a crypto analyst has noticed that we may be acting in a very similar moving mean formation at the moment. Looking specifically at the 50-week moving average, it was an initial leveling back in 2015, so another 105 days of accumulation when Bitcoin retired.
Only when BTC reconsidered 50 MA and broke through it made the bull run full. This happened in October after the first test in July. A similar scenario in 201[ads1]9 can play out if Bitcoin does not break resistance at 50 MA. Look at the weekly charts on TradingView showing that it could test this level in late April.
A bounce back from what could see that the BTC falls back to low $ 4000 and stays there until around August when it moves up again to the previous resistance level.
$ BTC #bitcoin Weekly 2015 VS. 2019 – See how we "can" act a similar pattern and move average formation!
See red arrows for previous patterns in 2015, towards 2019 on the last picture. Also a possible trend reversal and Bull ran for 105 days (approx. Bridge science calculation) pic.twitter.com/JN9EeBRUPU
– @CryptoChartsJoe (Get your money right) (@CryptoChartsJoe) April 21, 2019
This feeling has been echoed by a number of map analysts who have predicted a breakdown at the end of the current rising wedge on the four-hour chart. GalaxyBTC, a popular trader on twitter, has called for a correction back to $ 4,600 before any further moves higher.
Based on this daily fractal, we should get another chance to buy $ BTC at $ 4600- $ 4,800 levels before the next race to $ 6,800.
Similarities in both light and volume. pic.twitter.com/IGivErxz5Q
– Galaxy (@galaxyBTC) April 20, 2019
Bitcoin and Altcoins At Resistance
All crypto permissions (except Binance Coin) seem to hit heavy resistance right now. Markets are currently in red when Bitcoin withdraws from weekly heights of $ 5,350. Using total market values, "CryptoDog" has labeled an retracement in most of the altcoins while Bitcoin is just below the $ 5,400 high point of resistance;
$ ALTS on resistance, $ BTC $ BTC ] on resistance pic.twitter.com/ylFHojEpph
– The Crypto Dog ? (@TheCryptoDog) April 20, 2019
At the time of writing, cryptographic markets had fallen over 2 percent in the day, equivalent to $ 4 billion. Most of this has been lost by altcoins when Bitcoin has remained at its current level, increasing market dominance to almost 53 percent. This is the highest it has been for several months.
In the week, the markets are back at the level of around $ 177 billion in market value. The next week will be critical for further recovery, but all indicators now suggest a major withdrawal before any real trend reversal can be measured.
Bitcoin volatility is at a two-year low and slow and stable accumulation seems to be driving market movements at the moment. This may well continue for the next three months or so if the maps mirror markets in previous years.
Shutterstock photo
