Trader under the name Jack Sparrow recently posted on his Twitter quite an interesting prediction regarding the future price of Bitcoin. As a starting point he took the results of the technical analysis of charts cryptocurrencies over the period December 2017. According to the analyst, they are a direct contrast to the current behavior of the asset price.
When Bitcoin will bottom
Jack Sparrow is not willing to say that the bottom of the cryptocurrency accurately formed in the area of $ 3,000. However, the patterns on the chart in December 2017 symmetrically coincide with the movement value of Bitcoin over the past two months. To see this, it is sufficient to flip one of the graphs. A similar trend is observed even in the trading volumes.
$BTC reversal pattern?
This $3k bottom looks awfully symmetrical to the $20k top…
Just saying pic.twitter.com/sLfKQcsTZI
— Bitcoin Jack (@BTC_JackSparrow) January 29, 2019
The trader also identified several positive factors that may be harbingers of the coming bullrun:
- the coincidence of growth rates with the cycles of halving of the coin;
- the previous bottom was formed around the same number of days to halving;
- support mA 200 MA (at 1-week chart).
We will remind, last time Bitcoin changed the trend from bearish to bullish in the range from 57,7 to 70 percent of the extracted blocks with halving 2012. Now, the cryptocurrency was held 62.4 percent of the way from the division of remuneration 2016. In other words, BTC will find its bottom in the coming months, if not weeks.
We need to pay close attention right now. If BTC falls about 5% lower to about 3300, it will be testing the ever important weekly 200 MA, which is where we bottomed on in January, and what forced the last bear market to bottom. If we close below that, things will get nasty.
— MAGIC (@MagicPoopCannon) January 28, 2019
But other well-known personalities in cryptosphere there are concerns about the future of Bitcoin. Informed Civic CEO Vinny Lingham saidthat “Kriptonika will be nuclear”, if the main cryptocurrency drops below $ 3,000. According to him, this mark is an important psychological resistance level for most market players.
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