Bitcoin Has Found a Local Bottom, And Upside Is on Its Way
On-chain statistics are purportedly showing that Bitcoin is on the verge of its next leg higher.
A cryptocurrency technician shared the chart below on August 13th. It shows Bitcoin’s macro price action coupled with the metrics “moving profits” and “moving losses.” These are two on-chain metrics that show if transactors of Bitcoin on a certain day/period are in profit, are netural, or at a loss. As the site that pioneered this indicator reads:
According to the technician, the fact that the “moving losses” line (in red) is spiking is a sign that Bitcoin has found a local bottom and may move higher:
Chart of BTC's recent price action with the "moving losses" and "moving profits" indicator shared by trader Byzantine General (@Byzgeneral on Twitter). Chart from WhaleMap.io.
This same trader has said that he thinks Bitcoin is going to $13,000 in the near term. As reported by Bitcoinist previously, he said on the matter:
Following Ethereum Higher
Bitcoin’s chances at upside have been bolstered due to a rally in the value of Ethereum. ETH is up 10% in the past 24 hours, outperforming BTC by around 8%. As Ethereum has led the crypto market in many segments of this year thus far, Bitcoin is likely to rally even higher in the days ahead.
ETH, though, may manage to outperform Bitcoin as it has since March.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com On-Chain Data Shows Why Bitcoin's Next Leg Higher Is Just Starting
Originally from Bitcoinist.com https://ift.tt/33Xspzg
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