Cryptocurrency

For Willy Woo, began the run upward of Bitcoin

The renowned engineer and analyst of markets Willy-Woo, expressed his conviction that we are in “the beginning of the main phase of the market of bulls” to Bitcoin. According to their analysis, published in Twitter the 31 of July, the jump to the us $ 11,000 gave a start to this stage bullish.

Previously, on June 27, Woo had published a model in her Twitter account, which, she says, has enforcement these days.

There had pointed out that Bitcoin was preparing for a bullish run until “the white swan of the COVID-19 ruined the party.” Anyway, he suggested that a new run uptrend was near. “Maybe another month,” he said on that occasion, with enough accuracy.

According to the explanation that Woo gave at that time, “while later the market bulls in reach, the greater will be the momentum of prices”. For him, a band accumulation side long, as the one that occurred for several months “is, ultimately, something good.”

The band accumulation side usually precede the rise in the price of Bitcoin. Source: Willy Woo / Twitter.com

Basics of your prediction

Now, the analyst notes that the relative strength indicator (RSI, for its acronym in English) of 365 days shows that the compression in the initial phase of the upward cycle is about to be completed. This indicator shows the strength of the price to compare individual movements to the upside or to the downside of the successive closing prices.

Woo went further, and assured that this compression will be completed in the fourth quarter of this year.

It is observed that after a phase of compression the price is likely to continue an upward trend. Source:

In addition, based its prediction in the mempool, that is to say, the memory where is stored the transaction pending confirmation, is at record highs temporary. For him it is another sign that the price rise is coming.

About that, Breaking News showed days ago as the trade rush causes the congestion of the network of Bitcoin.

Also Woo refers to the miner’s dificulty ribbon indicator based on the difficulty of the mining, is recovering from its compression (see next chart). This, he says, is an indicator bullish because it indicates the capitulation of the miners (that is to say, the sale of their bitcoins when the market is not profitable), and, then, a strong hodling (the buildup to the expected price increase) than the miners from then on.

The compression of the miner’s dificulty ribbon is an indicator bullish. Source: Willy Woo / Twitter.com

Bitcoin as a safe haven of value

As reported by Breaking News, Woo is convinced that Bitcoin has properties that make it a haven of value and the crisis unleashed by the pandemic COVID-19 as demonstrated.

The analyst ensures that this was the first time that Bitcoin was put to the test these properties and, even at the worst time, the fall in its price was less violence than that of other markets such as gold and the S&P 500 index, although the latter showed to maintain a certain relationship.

Already in march, with the healthcare crisis only in its initial stage, Woo had brought tranquility to the holders of Bitcoin to ensure that he had not expected a fall to a minimum or that would reverse the upward trend. “First will be in accumulation phase and then moving upward,” he said in that time, and the events of the past few months gave him the reason.

Even with all his successes and his current optimism, remember that the own Woo believes that Bitcoin is still active as a “very immature and poorly marketed”. The analyst is convinced that, because of this “it only takes a few types with all the ammo in the world to move anywhere they want to remove most of the traders”.

About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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