The key to the prediction of a Bitcoin price movements is in the stars, or at least in the three corners, the Economist and crypto-analyst Alex Krüger. He worked in order to compare the “big Bitcoin” triangles of 2018 and 2019 on the basis of the volume of profiles and found out that Bitcoin today has a much more robust Position.
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Bitcoin data speak for themselves
The triangles, looked at Kruger, were Overlays of the volume profile on the Bitcoin price at the time of the original outbreak. The breakout for the triangle of 2018 took place towards the end of 2017, prior to the rally, which brought us to the current all-time high.
Comparing the great bitcoin triangles of 2018 and 2019 using volume profiles (measuring from the originating breakout).
– The 2018 most traded price was 6400.
– The 2019 most traded price is 10260.
So 6400 ~ 10260 (not 10000, as I said previously). pic.twitter.com/av5do3oRxX
— Alex Krüger (@Krug macro) 22. September 2019
In the course of the previous cycle of the most traded price of Bitcoin was at 6400 $, while he is in the current level of approximately 10.260$. Another crucial difference is the weighting of the volume is. In the triangle 2018, the price is approximately on the lower edge and forms a right-angled triangle. Of course, 2019 is, however, closer to the center of a symmetrical triangle. As a result, the rate receives relatively more Support because the volume provides a strong support.
In the direction that the price will break out?
This depends, according to Kruger from our current Position. Apart from the distortion of the probability that the price breaks out upwards from the point of view of the volume profile, is higher when the price is over $ 10.260, and Vice versa, if the price is traded below this level.
So, not a good message at the time of publication.
If the price falls, however not upwards, but downwards, holds Krüger a 50 percent Crash is extremely unlikely. With a lot more support (in terms of volume) on the bottom, he suspects that somewhere in the $7,000 would find the Region a to the ground.
There are still more factors
Of course there are more factors that affect the Bitcoin market than previous cycles, and volume profiles. Many hope that today’s introduction of the physical Futures platform Bakkt institutional investors and, thus, higher prices will bring.
Others suggest that a lower volume of trade means that a reduction in the 7,000 $mark is almost inevitable. However, these setbacks-projections there are for weeks, and so far it has managed to make the Bitcoin price to rise over $ 10,000.
Text evidence: bitcoinis, Emilio Janus