Logarithmic Bitcoin Curve Suggests Bottom Is Near, Notes Analyst

Logarithmic Bitcoin Curve Suggests Bottom Is Near, Notes Analyst
фото показано с : beincrypto.com

2019-11-20 05:48

In technical analysis, the long-term Bitcoin chart suggests that the bottom is near and we may soon experience exponential raises at the rate of previous market cycles.

Cryptocurrency analyst and trader @davthewave stated that the Bitcoin price is approaching a buy zone — based on the logarithmic growth curve. The growth curve can be traced since Bitcoin’s inception in 2011.

Let’s take a closer look at this curve and see what does it mean for future Bitcoin price movements.

Very near the buy zone of the logarithmic growth curve. pic.twitter.com/u0lOXhKQHM

— dave the wave (@davthewave) November 19, 2019

Bitcoin’s Logarithmic Curve

The growth curve is found by using curved trend-lines in order to connect the highs and lows of the price. It has been validated several times and the Bitcoin price has never traded outside of it.

On interesting development is the movement of the moving averages (MA). In 2015, a bearish cross between the 50- and 100-week MAs preceded a drop to the support line. Afterward, a bullish cross between the same MAs preceded the next bull market.

The MAs are acting in an identical manner since 2018. A bullish cross is very close to occurring.

Also, the Bitcoin price has never traded below its 200-week MA. Since the MA is below the support line, it makes it less likely that the latter will be broken.

Support

Looking closer at the support line, we can see that it currently is at $6000-$6500. While there is no immediate support there, this area also represents the 0.786 Fib level. Therefore, unless we experience an upward bounce here, a decrease towards $6000-$7000 seems likely.

Even in the case of a bounce, the Bitcoin price should eventually fall back to this support line — which, then, would likely be higher. The line is at $7000 in January 2020.

Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.

Images courtesy of Twitter, TradingView.

Did you know you can trade sign-up to trade Bitcoin and many leading altcoins with a multiplier of up to 100x on a safe and secure exchange with the lowest fees — with only an email address? Well, now you do! Click here to get started on StormGain!

The post Logarithmic Bitcoin Curve Suggests Bottom Is Near, Notes Analyst appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 95308.25 (-0.39%)
Объем 24H $66.134b
Изменеия 24h: -0.06 %, 7d: 3.22 %
Cегодня L: $93967.9 - H: $96238.42
Капитализация $1887.784b Rank 1
Цена в час новости $ 8088.71 (1078.29%)

curve bitcoin analyst logarithmic bottom suggests near

Источник: beincrypto.com

curve bitcoin → Результатов: 37


Bitcoin Is A “Sluggish Behemoth,” Says Central Bank of Sri Lanka’s Asst. Director

Piyumi Dias, the Assistant Director at the Central Bank of Sri Lanka (CBSL) recently talked about Bitcoin and its different aspects in detail in the local newspaper, Sunday Observer. Dias acknowledges how with new technology, there comes a learning curve but asserts “it is imperative that we do not take too long to catch up […]

2019-9-6 18:12


Technology transitions with Princeton professor and Obama advisor Ed Felten

Ed Felten, a founder at Offchain Labs and Professor of Computer Science at Princeton who served as Deputy Chief Technology Officer to President Obama, joins Andy for a fascinating, wide-ranging discussion on the potential of smart contracts, Bitcoin’s exponential growth curve, the tensions between technology and public policy, and why blockchain voting is a non-starter.

2019-8-23 15:00


Clain: Decentralized Blockchain AML/KYC – BitcoinExchangeGuide.com

What Is Clain? Clain is a digital platform for comprehensive Bitcoin analytics. The platform seeks to help users successfully navigate through the intertwined network of Bitcoin transactions. With immediate access to recognizable patterns, the platform opens up opportunities to downplay Bitcoin activity risks and puts the user ahead of the curve for upcoming regulatory landscape. Clain […]

2019-4-4 11:56


Should Tom Lee, Nick Colas and John McAfee be taken serious after woeful failed Predictions?

The downward movement of the Bitcoin price curve which has affected the overall market cap raises questions especially on the credibility of some renowned Bitcoin price analysts and predictors. After these analysts got few predictions right, investors began to rely on their high price predictions, and what happened next is obvious.

2018-12-22 14:35


Фото:

Bitcoin Price Analysis: Yearly Support Breaks as Bitcoin Tests Underlying Demand

After months and months of consolidation, the yearly support finally broke and now bitcoin has found itself in the lower $5000s for the first time since 2017:Figure 1: BTC-USD, Daily Candles, Broken SupportBitcoin managed to drop a staggering 16% yesterday as the market sliced through the long held support like a knife through butter.

2018-11-16 01:28


Bitcoin Survival ; Cryptocurrency Market Drawback is not New

Bitcoin has taken one of the worst falls in its price history, climbing down the price curve from near $20,000 to the $6000 zone. It is interesting to note that experts and investors expect the cryptocurrency to crash anytime soon considering the height of the fall, forcing those with little faith in the industry to […] The post Bitcoin Survival ; Cryptocurrency Market Drawback is not New appeared first on ZyCrypto.

2018-8-10 21:37


Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Experts Back Cardano For 500% Gains or More

Cardano's ADA token has witnessed a significant surge over the past five weeks, climbing 300% to reach near two-year highs at $1.29 - but there's plenty more where that came from top analysts say.