ICOCalendar.Today

  • ICO Directory 📖
  • ICT Token 🔥
  • Blockchain News 🗞
    • Ethereum
    • Binance
    • Cryptocurrency
    • Litecoin
    • Monero
    • Ethereum Classic
    • Bitcoin
    • Tezos
    • Tron
    • Cardano
    • EOS
    • Algorand
    • ZCash
    • Dash
    • Chainlink
    • NEO
    • Maker
    • DeFi
  • List a project 💣
  • Submit Press Release 👍
  • ICO Directory 📖
  • ICT Token 🔥
  • Blockchain News 🗞
    • Ethereum
    • Binance
    • Cryptocurrency
    • Litecoin
    • Monero
    • Ethereum Classic
    • Bitcoin
    • Tezos
    • Tron
    • Cardano
    • EOS
    • Algorand
    • ZCash
    • Dash
    • Chainlink
    • NEO
    • Maker
    • DeFi
  • List a project 💣
  • Submit Press Release 👍

The Signal That Preceded 2019s Bitcoin Correction Is About to Return

7/20/2020

Comments

 

Somehow, Bitcoin’s price action has become even tighter over the past days than it has been over the past two months. If you zoom out and look at BTC’s macro chart, it may seem like the asset has flatlined.

Yet a cryptocurrency trader is starting to fear that one final correction is in the works. Trying to explain this sentiment, he has cited a confluence of technical analysis factors.

Related Reading: PSA: There’s A Crypto Scam on Youtube Misappropriating Cardano Content

Bitcoin Could Soon See a Correction, Fears Analyst

Bitcoin’s inability to continue to push higher after hitting $10,500 in June has not lent well to trend indicators.

One cryptocurrency analyst shared the chart below on July 17th, showing that the Gaussian Channel is about to “roll over” on the daily. Notably, this Gaussian Channel is a lagging indicator, meaning it may take a few days or weeks before it formally acknowledges that a bear trend is in effect.

The potential for it to “roll over” is bearish for the cryptocurrency because almost every instance of this happening was followed by losses.

The analyst who shared the chart below noted in another analysis that the channel turned red three times during 2018’s 80% bear market. The indicator also trended into the red near the peak of 2019’s bull market, preceding a 30-40% drop.

Image

BTC price analysis with Fibonnaci Retracements and the Gaussian Channel by trader "Dave the Wave" (@Davthewave on Twitter). Chart from TradingView.com

Because of the likely rolling over of the channel and other factors, this analyst expects BTC to retrace to the $7,000s and maybe even lower.

Related Reading: Asked About Bitcoin, Elon Musk Just Joked He “Only Sells Dogecoin”

On-Chain Indicators Tell a Different Story

On-chain indicators tell a different story about BTC than the technicals. Instead of predicting one final correction before a full-blown bull market, they predict that the long-awaited bull run is almost or already here.

Ki Young Ju, the chief executive of Crypto Quant, recently argued that the outflow of Bitcoin from exchanges is indicating the imminent start of a bull run:

“I think the #BTC bull market will start soon. Average Exchange Withdrawals value is going down and about to touch the retail investor-level threshold. Historically, the Bull Market starts when retail investors become active.”

There’s also the Hash Ribbons, an indicator that derives signals from movements in the network hash rate. Last week, it printed a buy signal for BTC , which is something that has preceded all of BTC’s previous macro rallies.

Related Reading: Crypto Tidbits: Twitter’s “BTC Scam,” Elon Musk & Dogecoin, Institutions Want BTC & ETH
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
The Signal That Preceded a 2019's BTC Correction Is About to Return


Via https://www.newsbtc.com/2020/07/20/signal-2019s-bitcoin-correction-return/?utm_source=rss&utm_medium=rss&utm_campaign=signal-2019s-bitcoin-correction-return
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.