The 2019 Bitcoin disbelief rally has rediscovered some of the public frenzy and media attention experienced at the height of the last bull run, despite the next bull ring, barely beginning. The powerful Haitian drive has crypto-investors and analysts who consider price charts, and hope to find out where the rally can end.
A particular swing trader believes that by analyzing historical price action on BitMEX, the goals of the parabolic Bitcoin rally can be predicted. The two "take the profits" goals the trader has encountered are $ 12K and $ 22K.
BitMEX Price Action Helps Trader Identify Take Profit Bitcoin Rally Target
Related reading | Crypto Analyst: Bitcoin Now Over Ideal Buying Zone, Shortest Duration Yet
Since so much price action took place on Seychella's based trading platform, traders and analysts often look at BitMEX price charts to get an accurate reading on the market's next moves
If ~ The 3K area was bottom – here's BTC's accurate projected targets based on Bitmex's price history.
1. TP: $ 12.6K – $ 15.1K (.5 – .618 extension)
2. TP: $ 22.6K (1: 1 extension)
Dip Buys: $ 6.3K & $ 5.2K (volume confluence)
Pretty happy to see if this age good. pic.twitter.com/euJBqeF14u
– Eric Choe [Mr. Swing Trade] (@CryptoChoe) May 15, 2019
According to former CME group merchant Eric Choe, profit target for the Bitcoin prize in The current rally is between $ 12,600 and $ 15,100. The two prizes will set the Bitcoin price between 0.5 and 0.618 Fibonacci extensions. The other takes the profit level, the self-appointed swing trader says, is at $ 22,600 – a price that would set a new full-time high for the market-leading crypto competition.
With a bull market but confirmed, most crypto traders have switched into "buy dip" mode. Choe says the ideal zone for buying dips is between $ 5,200 and $ 6,300 where there is a significant volume relationship.
But will Bitcoin even dip with so much FOMO in crypt markets?
This much FOMO has not witnessed in the crypto market since the height of the crypto-hype bubble at the end of 2017. The recent tip in Bitcoin has reignited interest across the board, from private investors to institutions wishing to get their first exposure to the new asset class.
Related reading | Why The Next Bitcoin Bull Run Can Eclipse The Last Crypto Bubble
Such buying pressures have not allowed Bitcoin to fall more than 8% since the beginning of the April rally began first. Bitcoin was also able to stay strong in the face of last month's charges from New York AG's office against Bitfinex, and a hack of Binance – among cryptobytes with the most trading volume.
It is FOMO that creates the sharp parabolic climber that Bitcoin has become accustomed to. It is also FOMO that has helped the digital currency reach its all-time high in the past. Should Bitcoin Break Over
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