Cryptocurrency

Indicator shows: Bitcoin is on a decisive level – BTC bulls are in control

Bitcoin has extended its new-found phase of consolidation where the Asset are trading around 9,200 $.Both bitcoin bulls and the bears are at an impasse, and neither of the two groups is so far in the situation, a clear dynamism.It seems now that BTC is so positioned that it will move in the near future, more sideways, however, an indicator shows that the tide is moving in favour of the bulls.Because: The “Unspent Bitcoin Map” of the crypto-currency, this indicates that there is massive support at exactly $ 9,000 around.Consequently, it is also a crucial level, and a further visit could be coupled with a strong buying pressure, initiating the next upward trend.

After the rejection at $ 9.500 at the beginning of the week, Bitcoin has arisen again in a sideways movement, which has done little to give an insight into his short-term prospects.

Although BTC is so far fallen not under a key support level, to trade the “Orange Coin” is currently within its previously established Trading Range between $ 9,000 and $ 9.300.

There is a great probability that the next Trend will be determined solely by how he responds to the support at $ 9,000 and the resistance at the upper limit of the range is.

An Analyst points now to the “Unspent Bitcoin Map” of the crypto-currency as an indicator that the cops BTC could have at the present time, under control.

Indicator signals: $9,000 for massive level of support for Bitcoin

At the time of writing, Bitcoin is listed for the price of 9.215 $. This corresponds approximately to the level at which it was traded in the last few weeks.

It seems that the buyers defend against a drop below this level. This may be due to the fact that there is a lot of support between the current price and over $ 9,000.

One Analyst indicates “bitcoin Unspent BTC Map” and stated that over $ 9,000 are now a considerable support for the digital asset.

This also shows that this could be a key level, with Bitcoins of the reaction is determined by how the Asset is developed in the coming weeks.

The Analyst with reference to the graphic below:

“Based on the Map of the Unspent Bitcoins, we seem to have quite a lot of support among us. Large bubbles are generally of key levels (s/r)“

Image courtesy of the Byzantine General.

Trader-profitability – a warning sign for BTC?

The same Trader, the stresses this significant nature of the 9000-$-Support brand, don’t see a relevant Trend that the majority of traders profit, which are currently profitable – with the mobile profits cross over the moving losses.

This means that the price of Bitcoin starts may be up to that Cross to a downward trend.

“Something that Worries me however, is the following. Most of the Trader make profits. And if the mobile profits start to fall, does not stop the course normally until it crosses the moving losses. Currently there is no cross.“

Image courtesy of the Byzantine General.

Because with $9,000 has now become a key level, it will be a Testament to the underlying strength of the Bitcoin seller, whether it break or not.

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.

Do NOT follow this link or you will be banned from the site!