We have just started, so this is a good time to get to the rest of the year. What will 2020 bring for the bitcoin exchange rate?
There is a simple answer to this we will zoom back from the chart. You have to look at the bitcoin exchange rate from 2016 until and including now, each and every candle on the chart now for a week.
The yellow line is the 100-week Moving Average (MA). Keeps the price in an upward trend? Then, this line element, this can be seen as a motion of support.
The blue line is important to support. In the first half of 2018, he managed the bitcoin exchange rate not to be below the zone to get out of. Then, by the end of 2018, however, occurred, and the price is under 100 EVENING fell, he made a violent move down. Suppose that the stock price is now back up by two breaks? The exchange rate once again significantly down.
The red line shows the downward trend of the course. Want bitcoin is in an upward trend, it must, in the course of the line to break.
You can see that the red line and the blue line get closer and closer to each other. Who knows, maybe by 2020, the beginning of a new bull market.
But we have to remain objective, so we are in this for the long-term scenarios. In the graph, we draw two new lines that will be important for these scenarios.
Bullish
The dashed line indicates the time of the bitcoin block halving again. During the bitcoin block halving, the reward for bitcoin miners is divided in half. The reward is in the stream of bitcoin. The new range will be halved, and the question remains the same? Then, increase the price. Many people believe that the bitcoin block halving for a new bull market to develop.
In the bullish scenario, it is important to take with you. Will bitcoin will be in 2020 the way up? We can, in the long term, the focus is on the all-time high of 16.600 euros by the end of 2017.
Bearish
The green line is the 200-week Moving Average. It is noticeable that the bitcoin price is still never go below the line, it is dropped. Should the price continue to drop, you can line to see when the last support. At this time, is the 200-week MA is at 4.565 eur.
For more on the short-term? Then take a look at this article.