Technical indicator signals like Bitcoin (BTC) are ready to exceed nearly 200%
After the recent bullish bullish which was experienced by all crypto exchange markets that were driven by bullish bitcoin (BTC) price action, the markets have now experienced some minor withdrawal which has led to most cryptos falling.
Although the markets are currently breathing, a widespread indicator may signal that Bitcoin is ready to increase nearly 200%, which, if true, will end the persistent bear market and return the crypto curve to 2017 figures. [19659003] Bitcoin Stacking Around $ 5000 After Yesterday's Drop
At the time of writing, Bitcoin is trading nearly 1% to its current $ 5,010 price and is down from the last $ 5,300. Although BTC's latest downturn put a wet blanket over the incredible bullish mood that came after Bitcoin's recent rise in prices, it is important to note that it is still significantly up from the weekly decline of about $ 4,000.
The latest upward rise in prices allowed Bitcoin has broken over several key resistance levels that BTC had struggled to break over on several occasions over the past few months.
Another important technical level that cryptocurrency broke during the last price increase was the upper Bollinger Band ̵[ads1]1; which had
CryptoHamster, a popular cryptocurrency analyst on Twitter, talked about this latest revelation in a recent tweet, and noted in his chart that a similar break over the upper BB arose in 2015 which was continued by a correction against the lower BB before it began an ascent.
"Bitcoin did it for the first time during the entire bear margin Ket. Prepare for a possible correction and be ready to take off," he noted.
Bitcoin did it for the first time in the entire bear market.
Prepare for a possible correction and be ready to take off! $ BTC #bitcoin pic.twitter.com/8iG8wODE2P– CryptoHamster (@CryptoHamsterIO) April 4, 2019
Could BTC be ready to raise almost 200%?
Although the latest upward wave is relatively small compared to what has been seen in years past, a technical indicator signals that Bitcoin could be ready to increase nearly 200% in the near future.
Fundstrat Global Advisors explained this possibility in a recent research note shared by MarketWatch, explaining that Bitcoin's increase over its 200-day floating average is followed by a large uphill 80% of the time with a potential wave is as large as 193% .
"Based on BTC's trading history, a move over 200D for the BTC is meaningful statistically. When BTC is above its 200D, the win ratio is 80% compared to just 36% when it is below 200D," the analysts explain, referring to the chart below. .
Bitcoin's trait over its 200-day MA can mean that big wins are imminent.
Considering the technical strength Bitcoin incurs during the recent rise in prices, it may be reasonable to assume that its 2018 $ 3,200 downsides are actually a long-term bottom, and that the persistent "Crypto Winter" is really over.
Featured image from Shutterstock.
