ICOCalendar.Today

  • ICO Directory đź“–
  • ICT Token 🔥
  • Blockchain News đź—ž
    • Ethereum
    • Binance
    • Cryptocurrency
    • Litecoin
    • Monero
    • Ethereum Classic
    • Bitcoin
    • Tezos
    • Tron
    • Cardano
    • EOS
    • Algorand
    • ZCash
    • Dash
    • Chainlink
    • NEO
    • Maker
    • DeFi
  • List a project đź’Ł
  • Submit Press Release 👍
  • ICO Directory đź“–
  • ICT Token 🔥
  • Blockchain News đź—ž
    • Ethereum
    • Binance
    • Cryptocurrency
    • Litecoin
    • Monero
    • Ethereum Classic
    • Bitcoin
    • Tezos
    • Tron
    • Cardano
    • EOS
    • Algorand
    • ZCash
    • Dash
    • Chainlink
    • NEO
    • Maker
    • DeFi
  • List a project đź’Ł
  • Submit Press Release 👍

Chart Pattern That Predicted Bitcoins Ongoing Rally: More Upside to Come

9/28/2020

Comments

 
  • In March, few expected Bitcoin to be in the place that it currently is in.
  • The coin is up over 200% since the lows of March, showing that the crypto market is far from dead.
  • Back at the lows, there were some that feared that cryptocurrencies wouldn’t be around for much longer.
  • Bitcoin’s ongoing rally was predicted by some analysts, though.
  • One such analyst predicted the cryptocurrency would retest $10,000 by May, just months after the crash.
  • The chart pattern he used to predict this price action suggests that Bitcoin has room to extend higher.
  • This sentiment is in line with the outlook for BTC shared by another trader who predicted the rapid recovery in Bitcoin’s price.

Textbook Chart Pattern Predicts Bitcoin Has More Upside

When Bitcoin crashed as low as $3,500 on March 13th, few expected the coin to bounce back as fast as it did. In fact, at the time, there were many that asserted the cryptocurrency was on its way to $1,000 and potentially lower.

There were some, though, that were predicting that Bitcoin would undergo a rapid reversal.

One such analyst shared the chart below. It suggested that the cryptocurrency was trading in a macro accumulation pattern popularized by Richard Wyckoff.

This Wyckoff Accumulation analysis suggested that by May or June, the cryptocurrency would hit $10,000, then correct. This happened. The analysis also predicted that Bitcoin would undergo another leg higher after bottoming in July. This, too, happened.

While the analysis was not fully accurate in that it predicted Bitcoin would hit $14,000-15,000 in its second leg higher, it was accurate in predicting the timing and overall directionality of the cryptocurrency.

That same analysis now suggests that Bitcoin is primed to move higher after the correction and subsequent consolidation.

Image

Chart of BTC's price action with a a Wyckoff Accumulation analysis by crypto trader Coiner-Yadox (Yodaskk on Twitter) from March 2020. 
Chart from TradingView.com

On-Chain Trends Print Similar Picture

On-chain trends are in line with the bullish picture painted by this analysis.

As reported by Bitcoinist, there is a confluence of on-chain signs that indicate Bitcoin is primed to move higher on a macro time frame. CryptoQuant, a crypto-asset analytics firm, recently shared 10 of these trends. They are as follows:

  • Miners’ position index
  • Puell Multiple
  • Hash Ribbons
  • All Exchanges Outflow Mean
  • All Exchanges Reserve
  • Stablecoin Supply Ratio
  • All Exchanges Stablecoin Reserve
  • MVRV Ratio
  • Network Value to Metcalfe Ratio
  • Stock to Flow

One key reason why Bitcoin is poised to move higher is that the hash rate of the network is setting new all-time highs. This, to many analysts, suggests an underlying bull trend.

Photo by Stephen Leonardi on Unsplash
Price tags: xbtusd, btcusd, btcusd 
Charts from TradingView.com
Chart Pattern That Predicted Bitcoin's Ongoing Rally: More Upside to Come


Originally from Bitcoinist.com https://ift.tt/2S35iML
Comments

    Blockchain News

    Leading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.
    BLOCKCHAIN NEWS

    Archives

    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    November 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017

    RSS Feed

​About

  • About us​
  • ICT Token
  • News​​
  • Testimonies
  • Terms of Service​​
  • ​​We on Google News​ 🤑
  • ​We in the media
  • ​Partners

Let's connect!

News Feeds

  • Blockchain News
  • Jobs Board 👨‍🎓
  • Bitcoin News
  • Ethereum News
  • Binance News
  • ​Tron News
  • Cardano News
  • EOS News
  • Tezos News
  • Stock Markets
  • COVID-19 News
  • Crypto News
  • Chainlink News
  • Litecoin News
  • Dash News
  • Monero News
  • ETC News
  • NEO News
  • Maker News
  • DeFi News
  • ZCash News
  • Algorand News
© 2017-2020 ICOCalendar.Today. All Rights Reserved.