The Crypto market, and more specifically Bitcoin, is located at an important bend place in its existence. Having become a household nearly overnight thanks to the media flash used in late 2017, the encrypted currency's meteoric ascent drifted to its all-time high of $ 20,000, and the resulting bubble-popping led to the longest bear market on record. , Bitcoin needs to once again prove itself in the eyes of investors who are here to stay.
When Bitcoin approaches the powerful support, beating the opposition at $ 6,000, a clean break of the former springboard and close to the resistance could show investors and traders that it is heading for a new bull market. Two separate charts from other financial markets seem to look honest as Bitcoin took the bear market to this important turning point, and may hint at what can happen in Bitcoin pricing charts.
Turkish new lyric chart gives the nonsense Ta to Bitcoin Price
In a recent tweet of prominent crypto dealer CryptoWolf the analyst shared a chart with shockingly similar peaks and troughs that matched Bitcoins 2018-2019 bear markets, and could serve as a bullish prediction for Bitcoins path from here.
At that time, this was pure hopium. pic.twitter.com/ywU2ggBIn5
– CryptoWolf (@IamCryptoWolf) May 3, 2019
The Forex market map shows the price activity of the USD / TRY trading pair. As can be clearly seen, the chart showing the US dollar paired with the Turkish New Lira shows very accurately each turn high and low of the Bitcoin bear market.
There is even a V-shaped layer that comes with a blow-off stop, which evolved into what ultimately became a failed Adam and Eve bottom. Later, a reverse head and shoulders played as of late June, beginning of July at the bottom of Bitcoin, but failed to reinvigorate the bulls enough to end the bearish decline.
After that, the support broke and paints a new lava quickly rebuilt, revised earlier heights within a few months when candles closed back over the support turned resistance.
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Bitcoin is currently at the same support beaten resistance that once broken, resulting in a trip back to the top of the blow of the top. Should the same occur in Bitcoin, the price of crypto assets may hit $ 20,000 in July if the chart is the same. But like the analyst says, "at the time this was pure hopium," there are some who think that $ 20 is around the corner, relying solely on the "hopium".
Silver shows the Bearish version for BTC
Of course, there are similarities in many charts, as markets tend to cycle the same way. In the silver price chart, which "posted 1000% + parabolic winnings" so crashed, a similar path shows like Bitcoin.
#Bitcoin vs $ Silver $ Silver created 1000% + parabolic winnings / crashed $ BTC for created parabolic winnings / drop $ Silver found support for 200 Months MA $ BTC found support of 200 Week MA $ Silver found resistance of 50 months MA $ BTC struggling against 50 weeks MA
(Fun comparison only) pic.twitter.com/aV5Xo9wlAn ]
– Trading Room (@tradingroomapp) April 30, 2019
After the break of the parabolic The advancement, which maps as Peter Brandt, may lead to the requirement that the price of an asset fall above 80% on average, silver found support at 200-month moving averages. Bitcoin, on the other hand, found support at the 200-week moving average.
Silver looked rallied from the support, finally the head ran into the 50-month moving average. Bitcoin now flies with 50-week moving averages.
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Silver was unable to break through the resistance caused by 50-month MA, which led to the asset Fall again, this time breaking the 200-month moving average that had previously played support.
If Bitcoin were to fall from here, the 200-week moving average rests on about $ 3,450, and a pause below it will probably lead to panic and new downturns for leading market cryptocurrency.
As mentioned, Bitcoin is an important point in its life cycle, and what happens next can affect its lifetime as a financial technology.
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