Bitcoin encountered an exhaustion point that has confounded analysts.
Following the $9,090 high of May 30, Bitcoin encountered an exhaustion point that lead Tuur Demeester, the founding partner of Adamant Capital, to believe that a 20 to 40 percent correction was likely.
Around $300 million USDT was minted while Bitcoin was climbing back to $6,000 and making new highs on a weekly basis.
The 200-week MA is one of the most relevant indicators for Bitcoin traders since it reveals the strength of the long-term trend.
Bitcoin 200 week moving average is growing at 5% per month again pic.
Since Bitcoin has not been able to trade below the 7-week moving average, the bearish signal has not been validated, but if it does, a drop down to the 50 or 30-week moving average could be expected.
In order for a correction to happen, Bitcoin will have to break below the support trendline, which has acted as a strong barrier since the beginning of April based on the 3-day chart.
Brand's tweet caused furor among analysts who thought his statement was contradictory since he had recently posted an Ethereum chart with a H&S pattern similar to Bitcoin.
If the bearish formation is confirmed and Bitcoin drops 18.5 percent to around $6,300 to $6,500, Gerard Walker, explains that this could be the right time to go long.
Bitcoin is at a pivotal moment that will determine the future of the market.
Bitcoin holds at $8,100 support-incoming retrace or continued consolidation?
gepubliceerd op Jun 13, 2019
by Cryptoslate | gepubliceerd op Coinage
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