A legendary long-term technical Bitcoin price indicator could pave that next year, the way for brighter days.
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Large steps at the Bitcoin price in sight
The short-term picture for BTC seems pretty bleak. Since its peak this year, the Digital Asset has been corrected to 47%. A few hours ago the Bitcoin price fell back to 7.150 $ and seems to be moving on this path in the direction of 7.000$.
The six-month down-trend at the Moment seems to be unbroken, and more pain is likely to emerge before the end of the year. A narrowing of the Bollinger Bands on the daily Chart indicates a speedy movement.
A continuation of this mood will bring the Bitcoin price within one month in the area of $ 6,000. The longer time frame charts show that BTC is holding at support of the 50-week average, but a movement is not excluded to below the 200 weeks MA.
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This is currently on the $5k Level and could provide the Bitcoin price is the platform for a higher Bounce and the start of a further bull run. A decline in the mid – $5k range would provide a lot of accumulation opportunities.
If history repeats itself, is likely to be 2020 for the king of crypto-currencies is actually legendary.
Pain before the gain
Crypto-traders ‘Cantering Clark’ that has changed nothing, the accumulation is not yet done – and that means that there will be more pain before BTC rises.
“The Interpretation begins, if the direction is less certain. This is not accumulation, it is a weak attempt at a important level retake. We go further and further down.“
It is a last Shakeout must take place before upward momentum – as the analysts seem to be on the same side as the Bitcoin price.
The crypto markets have fallen again to below $ 200 billion in terms of total capitalization. However, bitcoin’s dominance, according to Tradingview.com with 69% continues to be high.
Also the Hash Rates for the network are bullish: they remain stable and this week even more than 100 EH/s. This suggests that the Miner is not started with the surrender of yet.
Conclusion: The fundamentals are still solid and all the indicators point to a wild development of the Bitcoin price in 2020.