Cryptocurrency

Economist: Gold shows that Bitcoin, despite the “blowoff top” could continue to rise

Bitcoin was observed on the night to witness intense volatility – similar to the one in the middle of March.

Although the losses of the crypto-currency to their strong rejection of the goods at up to $ 12,000 is limited, the speed was intense, with the your price decreased.

In the Wake of this movement, the bulls have made an effort to establish the area for $ 11,000 as a support, but the Lack of a strong response to this area was the strength of levels is questionable.

An economist notes that the Bitcoin educated “Blowoff Top” is strikingly similar to that of silver and Gold in the last week.

Despite this obvious downside, the two precious metals were able to extend their upward trend after the publication of these technical formations quickly.

The scientist is convinced that Bitcoin will follow these tracks.

Bitcoin is facing after the rejection at $12,000 to immense volatility

Overnight, the Bitcoin roared-bulls and sent the Benchmark crypto-currency to a High of $12,000.

This movement went Hand-in-Hand with a similar recovery in the case of Ethereum, which reached a High of 415$, before it lost momentum and some of the trading platforms went back up to $ 300.

The rejection of BTC saw $ 12,000 a face, took the Coin in just a few minutes on for $ 11,000 – one of the fastest price declines since the 12. March.

From this point on, the cops have tried to establish the price of region as a level of support, even though she, as yet, no values recorded response.

At the time of writing, Bitcoin is traded for the price of 11.180 $.

There will be a weekly candle closing is approaching fast, there is likely to be more volatility, there will be a battle for the control of Bitcoins short-term Trend.

BTC could have room for growth, if it follows silver and Gold

With regard to the rejection of Bitcoin for $ 12,000 Alex Krüger, a popular Economist with crypto-explained-focus – that the price action has led to the fact that BTC has formed a so-called “Blowoff Top”.

Although it is a bearish sign, writes Krüger, that both Gold and silver were only recorded last week, a similar technical Formation, wherein the resulting decline in a rapid expansion followed its upward trend.

“That was last night, a “Blowoff Top” in ETH and BTC. A Blowoff doesn’t have to be the tip. Silver and Gold had last week is a Blowoff Top. Look how similar the Charts are in the days and minutes before the crash. The bigger picture remains unchanged. Higher peak levels in 2020 IMO are imminent.“

Comparison of Bitcoin, Ethereum, Gold and silver (Chart via Alex Krüger)

As the economic environment, the Bitcoin influenced currently, has driven the gold price to new all-time highs, there is a great probability that bitcoin’s upward trend continues for a long time.

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.

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