›

Analyst: Bitcoin price increases signaling the start of the all-season | AllFixs

Written By Monday, November 23, 2020 Add Comment Edit

Encrypting your link and protect the link from viruses, malware, thief, etc! Made your link safe to visit. Just Wait...

The majority of the crypto market has an uptrend in 2019. After hitting a high in June, the prices of most coins are down. In it, the Bitcoin price has a higher rate of increase and a lower rate of drop compared to most Bitcoins.


Recently, this started to change as the number of Bitcoins had a significant increase in rate. Coins based in China, in particular, have risen sharply since October 25. Most notably, NEO and TRX have increased by 83% and 40% during this time period. However, the rest of the market has been lagging behind.

This surge has led many investors and traders to believe that the Bitcoin season has finally begun. It was a period of time when Bitcoins had an extraordinary increase in rate, causing Bitcoin dominance to decline.

Technical analysis shows that while the total Bitcoin market cap and its dominance look to increase in the long term, both are likely to decline in the short term.

According to trader “TraderEscobar”, a number of Bitcoins have started to rise, signaling the Bitcoin price pump until the end of the year.

“Total Bitcoin market cap and Bitcoin dominance rate.

A lot of Bitcoins are currently in accumulation stages, with some just starting to explode ... I'm curious to see what these charts will look like ...

Conclusion - Pump Bitcoin in Q4 is very likely ”

Additionally, he said that both the total Bitcoin market cap and the Bitcoin dominance chart look bullish.

Total market capitalization

Total Bitcoin market cap broke out of the descending resistance line that formed in July, before confirming support.

It then made a double bottom at the $ 70 trillion support area before initiating the current up move. The double bottom is combined with a bullish divergence in the RSI.

In the short term, a head and shoulders (which is a bearish one) may develop. This prediction is more likely because it is combined with a bearish divergence.

Hence, while the long-term outlook looks bullish, the short-term bearish. It is predicted that the price will fall to the small support area of $ 76 trillion.

Bitcoin dominance rate

Altcoin dominance bottomed out in September, inside the 30% support area. Also, there is a major support area at 22%. The low is combined with the oversold value in the weekly RSI, the lowest value ever recorded.

In the short term, the dominance rate has been broken below the applied support line since the aforementioned low.

Support will be confirmed as resistance in the 35% resistance zone.

Similar to total market cap, the short-term outlook for dominance appears to decrease.


Disclaimer: This is not investment advice. Investors should learn carefully before making a decision. We are not responsible for your investment decisions.

0 Response to "Analyst: Bitcoin price increases signaling the start of the all-season | AllFixs"

Post a Comment

Subscribe to: Post Comments (Atom)