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Bitcoin withdrawal course 2017 to the highest levels

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In the update of the market, the prominent commentator at Crypto Rekt Capital examined the latest bitcoin retreating through the previous bulls lens, stressing that it is closely similar to the 2017 pattern of multiple corrections on the road to a bonus top. Speaking in a video clip entitled “Where is the Bitcoin” Banana Zone “? He described the current decline as a natural but extended correction, stressing that it is “still on the right track” although many merchants feel frustrated.

Will Bitcoin enter the “banana area” again?

Rekt Capital parallel between the Dip The Dip and the behavior of the historical market, and highlighting the periodic direction of Bitcoin to experience two or more periods of corrections as soon as new levels storm. Quoting the 2017 gathering, he indicated that there are withdrawals of “34 % to 38 % to 40 %”, or at least four in total, before reaching the final peak.

Comparing Bitcoin
Bitcoin cycle comparison Source: x @rektcapital

He also pointed to the rise of rugs for 2013 and its followers against the price movement today, explaining that “when we achieve its highest levels ever, it can be a little more rugged” around the old highlands and then directly. Despite the current clouds of 32 % (the maximum height), he stressed, “We will see an additional aspect after this corrective period as we have seen in the past” and classifying the current market position as part of the first two potential corrections in the current price discovery stage.

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During his analysis, Rekt Capital emphasized the importance of patience, noting that what might seem to be a lengthy clouds “is not out of bitcoin, which historically carries multiple stages of climbing and retrieving on his way to a peak.

He presented a historical context by looking back in mid -2017 and other stages when Bitcoin underwent a frequent contraction ranging from about 30 % to 40 %. According to him, these corrections are often deepened with the progress of the course, although the last time before the next main step can sometimes be shallow.

The analyst also entered technical indicators such as the averages of luxury movement for 21 weeks and 50 weeks, indicating that the price of bitcoin has begun to form a triple market structure as it becomes “limited between 21 weeks of EMA and 50 weeks.

He made comparisons with the mid -2011 period, when a similar formation preceded a 55 % negative step that eventually erupted to another emerging stage. “We have ended that period by re -testing a weekly closure and after completing the 21 weeks of EMA to support,” he said, expecting that the similar situation may see Bitcoin gathering towards the level of 93,500 dollars if the step over 21 weeks is EMA.

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In addressing fears that the market is entering the bear cycle, the Rekt Capital stressed that “it is not a market, for example, as everyone says.” While acknowledged the emotional losses of the great decline and the spread of conflicting signals in the media, he advised to preserve the head of the level and focus on strong indicators such as the intermediate interview, historical correction, and the fact that “we are in correcting the first price” instead of any final decline. According to his counterpart, the price of Crypto continues to follow the comprehensive plan set by the previous bull runs, even if it was “little deep”, and they were disappointed with hope in the hope of getting more urgent equivalent momentum.

Rekt Capital concluded his comment by emphasizing the stages of re -formation as part of the permanent bullfield frame instead of the appearance of the long, long trend.

At the time of the press, BTC was traded at $ 85,914.

Bitcoin price
Bitcoin tries to separate over the trend line, one day graph source: BTCUSDT on Tradingview.com

Distinctive image created with Dall.e, Chart from TradingView.com

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