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After the Bitcoin Bull has recovered Trend since the capitulation low in March to a little more than 150%, he lost in the last few weeks of travel. Instead of a clear upward trend in the crypto-currency is in a tight Trading Range, with deviations from this range were beating again and again to fail.
Since BTC is still below the resistance of $10,000 to $10,500 for a prisoner, is accompanied by the consolidation with uncertainty in the crypto markets.
A Trader commented that the consolidation, which has seen Bitcoin in the last two weeks has seen the formations before the crash in November 2019 and February 2020 extremely similar.
A growing perfect storm of technical signals shows that BTC is in the coming weeks, ready to rise higher.
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Positive signals for Bitcoin
The price action of Bitcoin may have been in the last few weeks lau, a crypto-Trader announced, however, four reasons that BTC could tend to in the coming months later:
Bitcoin has converted the upper end of the range – $9.700 – in support. Every Price drop is strong bought.The “AO”value of Bitcoin is not returned to a value of “0”, indicating that the upward stopped the trend.A series of exponentially moving averages have seen “Golden crosses”. Bitcoin price analysis of the crypto-currency Daytraders Jon CC (@JonCCT on Twitter).
According to the analysts, this indicates that the combination of signs that Bitcoin will rise in early to mid-July for $ 15,000.
The Analyst on the Chart:
“Okay, I give up. I am always trying to find reasons for my slump, but I’m running out of ideas“
The beginning of a larger rally
When Bitcoin exceeds the $ 15,000, this is likely to mark the beginning of a larger rally, so Arthur Hayes of BitMEX. The much-cited industry leader wrote, as a BTC in the last week, the 10,000-Dollar mark by broke:
“The base is starting to be juicy. It is definitely better than earning 0% in the Bank, thank you Jay. But this rally is only real then, when we have cracked the $15,000.“
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Hayes is not identified, why the $15,000 should be so important, but $14,000 of it was the point at which BTC 2019 reaching the top.
The BitMEX CEO expects Bitcoin will reach by the end of 2020 to 20,000 $. Prior to that, he called the influx of “counterfeit money” by Central banks and governments as the reason for this is that the leading crypto-currency will tend in the coming year.
He reiterated this sentiment in a recent Interview with Raoul Pal, of Real Vision, and pointed out how the Stimulus as a catalyst for an upward trend of Bitcoin could work.
Hayes called, in particular, the 1,200-Dollar checks in the US and explained that after people have bought what they needed of food, assets such as stocks and Crypto next had can be bought.
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