When Bitcoin will reach its bottom? Forecast analyst
Source:According to analyst Willy Wu, in the short term, Bitcoin will not grow. The main cryptocurrency is still not at the bottom, to it she gets only in the second quarter of 2019. So you open a long position on Bitcoin is not worth it. Most likely, the market situation will become clearer closer to the end of February, then we should get more clarity on the approval of the crypt.
theBitcoin continues to fall
Note that your prediction Wu voiced only on the basis of the prevailing fundamental factors. To account for them, the expert used a different indicator NVT (Network Valuation divided by the Transaction Value). It is calculated by dividing the total cost of the network of cryptocurrency to the value of the transaction.
Our latest analysis of the blockchain and indicators is still in force. However, this time NVTS broke through its support level, usually the signal to sell. Our other indicators are still bearish. Though they are experimental, but still can accurately predict future movements of the market.
Wu Indicators differ from traditional market indicators that give you an opportunity to determine the trend of Bitcoin in different spheres of its functioning. In other words, instead of a simple processing of the exchange price, these lights work with a large array of fundamental data.
So, based on the testimony of NVT, Bitcoin will find its bottom in the second quarter of 2019. After that will come a fairly long phase of accumulation with a gradual upward movement, which in the end will end in a new ballroom. However, in another scenario bullrun may come even earlier.
If the price in the short term will rebound from current levels, it is possible that the next major resistance level will be the 200 SMA on the 1-day chart. At the moment, this line runs in the area of $ 7,000. Let me remind you, every case is crossing the 200 SMA in the history of Bitcoin was a sign of a trend change to bullish.
image Source — CCN
However, over the past few months, the cryptocurrency was unable to break above 6800 dollars, so this price movement would be unlikely in the near future. Not to miss other important events, please subscribe .
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