as-bitcoin-price-consolidates-litecoin-looks-ripe-for-massive-gains
Bitcoin price (BTC) failed to ignite much interest as October closed. There are approximately 194 days left until the next Bitcoin halving, which probably feels like an eternity away for those involved with the crypto space.
This week there was also a surplus of negative news events like the Bitmex email leak and the Coinbase flash crash that caused mass liquidations on Deribit.
So can we really expect Bitcoin price to do anything spectacular in the short term?
Bitcoin price has been locked in a tight range around $9,100 - $9,400 for the last 5 days.
However, since the massive move 2 weeks ago, the Bollinger Bands (BB) indicator has opened up revealing quite a broad range of support and resistance.
The moving average shows $8,600 being the level of support that Bitcoin needs to hold before falling back in to the $7,000 range.
However, it is a positive sign that Bitcoin is currently holding in the upper percentile of the Bollinger Bands as the resistance that Bitcoin needs to break to begin a new upward trend is at $9,900.
But what does the week ahead hold? Well, let's first take a look at the first major bullish signal for Bitcoin that came on Nov. 1 when a new green monthly candle was printed.
Let's not underestimate the significance of this particular signal.
The last time that the Heikin Ashi candles transitioned from red to green on the Bitcoin monthly chart was on April 1st, 2019. Within just 12 weeks of this last occurring, Bitcoin’s price exploded from a low of $3,979 to $13,868 which represented a massive 350% growth in BTC/USD value. Whilst it’s still early days, as each week progresses Bitcoin is slowly showing more bullish signs, and if history were to repeat itself we could be instore for 29% weekly growth as we head into the new year.
But what other signs are there?
Read the full topic at
https://cointelegraph.com/news/as-bitcoin-price-consolidates-litecoin-looks-ripe-for-massive-gains
Follow me on
Linkedin: https://www.linkedin.com/in/crypto-expert20
IF you be an admin for your telegram group you can order from the link
This week there was also a surplus of negative news events like the Bitmex email leak and the Coinbase flash crash that caused mass liquidations on Deribit.
So can we really expect Bitcoin price to do anything spectacular in the short term?
Bitcoin price has been locked in a tight range around $9,100 - $9,400 for the last 5 days.
However, since the massive move 2 weeks ago, the Bollinger Bands (BB) indicator has opened up revealing quite a broad range of support and resistance.
The moving average shows $8,600 being the level of support that Bitcoin needs to hold before falling back in to the $7,000 range.
However, it is a positive sign that Bitcoin is currently holding in the upper percentile of the Bollinger Bands as the resistance that Bitcoin needs to break to begin a new upward trend is at $9,900.
But what does the week ahead hold? Well, let's first take a look at the first major bullish signal for Bitcoin that came on Nov. 1 when a new green monthly candle was printed.
Let's not underestimate the significance of this particular signal.
The last time that the Heikin Ashi candles transitioned from red to green on the Bitcoin monthly chart was on April 1st, 2019. Within just 12 weeks of this last occurring, Bitcoin’s price exploded from a low of $3,979 to $13,868 which represented a massive 350% growth in BTC/USD value. Whilst it’s still early days, as each week progresses Bitcoin is slowly showing more bullish signs, and if history were to repeat itself we could be instore for 29% weekly growth as we head into the new year.
But what other signs are there?
Read the full topic at
https://cointelegraph.com/news/as-bitcoin-price-consolidates-litecoin-looks-ripe-for-massive-gains
Follow me on
Twitter: https://twitter.com/cryptoexpert20
IF you be an admin for your telegram group you can order from the link
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