Following the recent bullish momentum that has been observed in all crypticexchange markets, driven by BTC's price action, markets now experienced a slight rollback, which led to the fall of most cryptos.
Currently, one of the widely used indicators may indicate that Bitcoin is ready to jump by almost 200%, which if so, will definitely mark the end of the permanent bear market, and send the cryptic currency back to its 2017 highs. Bitcoin stable around $ 5,000 after falling yesterday
At the time of writing, Bitcoin is trading at almost 1% at the current price of $ 5,010 and is down from the recent highs of $ 5,300. Despite the fact that the recent fall of the BTK has made the wet over the incredibly bovine The mood that has taken place since the recent rise in Bitcoin prices is that it has still significantly increased compared to a weekly minimum of about $ 4,000.
allowed Bitcoin to break above several key levels of resistance that BTK has been trying to overcome over the last few months over several months.
CryptoHamster, a popular cryptic currency analyst in Twitter, spoke of this latest discovery in a recent tweet, noting in its chart, another key technical level that the cryptic currency broke through during a recent rise in prices was its upper belt, Billing
. that a similar breakthrough above the upper WW occurred in 201
– CryptoHamster (@CryptoHamsterIO) April 4, 2019
Despite the fact that the recent upward growth is relatively small compared to what was observed in the past, now one technical indicator suggests that Bitcoin can be is ready to jump by almost 200%
Fundstrat Global Advisors explained this opportunity in a recent research note shared by MarketWatch and explained that Bitcoin's speed above the 200-day moving average is accompanied by a significant increase m up 80% of the time. a potential surge that reaches 193%.
"Based on the trade history of the BTC, the movement above 200D for the BTC is statistically significant. When the BTC exceeds 200D, its gain is 80% compared to only 36% when it is below 200D, "analysts explained, referring to the chart below.
When considering the technical strength Bitcoin did during his recent rise in prices, it might be reasonable to assume that its minima in 2018 would be $ 3,200.
Selected image from Shutterstock.