Why is fall of Bitcoin is a sign of the coming rally? Explain traders
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The day before Yesterday, Bitcoin could experience the strongest and the last shock before the rally, slated to begin in the near future. The course is the first cryptocurrency first fell to 6.15 thousand dollars, then increased sharply to 6.8 thousands of dollars and almost reached a new level of support in 7 thousand dollars.
After a surge in first cryptocurrency was back in district 6400 dollars. In spite of this, many traders believe that the rate of $ 6,100 was precisely the one to which the coin had to fall before the upcoming rally.
theWhen will Bitcoin grow up?
After a long silence state of the stock market and Bitcoin in particular commented on the trader AngeloBTC on Twitter which is signed by 125 thousand people. He came to this conclusion after an analysis of the weekly chart .
Last dip ever.
— Angelo฿TC (@AngeloBTC)
The Number of shorts on Bitcoin 12 hours on the stock exchanges Bitfinex and BitMEX has grown to record levels, and trading volume increased from 3 to 7 billion dollars — that is more than two times. According to the platform CoinCap.io, a bitcoin trading volume increased from 2 to 5.6 billion dollars in 12 hours.
Photo: CNN
According to analysts , the increase in trading volume more than two times in 24 hours is an indicator of the coming short-term rally. This is especially true for Bitcoin, which in the last two weeks traded at 6500 dollars because of a slump in cryptocurrency exchanges. I agree with the publication of the analyst under the name Crypto-Rand.
This is the impressive growth in trading volume over a short period of time since April. And that's a great sign.
While Joseph young calls the intensification of trading is the essential component, which eventually will lead to burrano. Stability and development in the list is already there.
Bitcoin and crypto market waiting for 1 thing
1. Final shakeout ✔app
2. Positive developments (Bakkt, Custody, Banks) ✔app
3. Months stability of Bitcoin at $6,200 ~ $6,800 range since August 9 ✔app
4. Lower highs since January bottoming out with record low volatility ✔app
5. Volume ✖on!!!— Joseph Young (@iamjosephyoung)
Let's hope the analysts are correct, and Bitcoin will not a short-term and long-term rally. Especially since the last months of the year is traditionally favorable period for the growth rate of the first cryptocurrencies.
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