Bitcoin price is recovering to 7% at the end of the correction?
Home News Bitcoin price is recovering to 7% at the end of the correction?
Marcus Misiak –
After the Bitcoin price has fallen in the past few days, steadily, BTC has shown in the last few hours, something life. In the last hours of the crypto-currency from a low point of 9.150 USD has recovered to about 7% to 9,900 USD has risen.
According to a chart of Scott “The Wolf of All Streets” Melker, a popular crypto-analysts on Twitter has moved to BTC with the increase in a descending channel and a previous “Swing Low resistance” tested. In addition, the Relative Strength Index (RSI) is working to climb higher. However, it is not clear whether this is the low point of the prolonged downturn, which could take up to six weeks, should history repeat itself. If the Analyst crypto reserves hamster is right, there are a number of reasons why the low point of the current downturn might be reached.
Firstly, the one-day Relative Strength Index (RSI) and the stochastic Iteration of this indicator to the lowest level since February there are. Both move in the “oversold” area. In addition, the one-day Moving Average Convergence Divergence (MACD) has developed the zero level, although Bitcoin is to the majority of the analyses in a rapid upward trend.
Timothy Peterson represents, however, a different opinion. The prominent American crypto-Fund Manager, noted that Bitcoins current active accounts indicates the number of the fact that BTC is overvalued. According to Peterson’s model, which takes a 30-day Median of the number of active accounts on the Bitcoin Blockchain, BTC has currently a fair assessment of just over $ 8,000.
During the decline of the last days of 13,000 USD from some dealers has been referred to as “the end of a bull market”, suggest that historical Trends, however, the fact that Bitcoin has taken these setbacks and this can be regarded as healthy.
As Nunya Bizniz, another Analyst on Twitter welcomed for the have experienced the two previous cycles in Bitcoin, with an almost identical number of phases: rally (bull phase), Pop (bear phase), inlet loop in a multi-month Accumulation, recovery from a low point (Expansion), a longer period of Reaccumulation, and then the event to reduce the block reward.
Is the Bitcoin rally of 4,000 USD to the local maximum of 13,000 USD, the expansion phase was, apparently; what happens now, is the reaccumulation phase. This is of crucial importance, because it is in the history of BTC never a point, gave the BTC a year after each halving a new Low or a new high has been reached, which means that a further recovery or a complete collapse from here, a little unlikely. In a way, this Pause in the rally, therefore, necessary and should have been expected.
This theory should be correct, so “only” the question of where exactly the Phase of Reaccumulation his low point is reached. As Timothy Peterson represents a number of analysts are of the opinion that the low point could be reached at around 8,000 US dollars, at least in the current Phase.
According to an analysis of the Mayer, Multiple by CryptoKea, has said the recent decline in 9700 USD previously, the current correction is similar to the first “great correction” of the bull run from 2017.
He notes that Bitcoin, if history repeats itself, and Bitcoin reverses its current short-term declining Trend in the years 2012 and 2017, to provide support in a range of 7.148 up of 8,700 USD. This is the equivalent to 1.20 times to 1.46 times the 200-day moving average, currently at 5,957 thousands of dollars.
Most likely, Kea notes, however, that the “most likely target” will be in accordance with the use of the Mayer Multiple 7.505 USD, which would have meant a further decline of 20 percent compared to the current Bitcoin price.
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