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BTC - What Can We Expect To Happen?

By Barakz12 | CryptocurrencyINV | 25 Mar 2020


Those who have been following the Bitcoin price for that past few days have seen significant price changes. The price of Bitcoin was around $8000 last week and dropped just in ONE day to the $5000 level. After a few more hours it even dropped to the $4400 level which is an extremely oversold area for the current time of BTC.

 

351665157-9f9391a06c4383d21d4bb2b0e9a0fd74587859dbd3c8e142286839d498a51976.png

 

By looking at the BTC chart, we can clearly see that it has almost hit very strong support which is around the $3000 level. 

To be honest I was thinking that this is the end of BTC and many other people sold their Bitcoin in this massive bear market. However, I am still optimistic as the long-term chart looks promising. Much promising than investors think that it could be.

 

351665157-fee1b75a8d98e8d4ba74321248428355accc97473b6e7176c9e3d4f080d7a72d.png

 

From looking at the longer-term chart we can see that there is a forming triangle that "restricts" the Bitcoin price from any massive moves. 

And from a quick look, we can see that the triangle is getting smaller as time passes. Therefore at the end of the triangle (or even before that), we will see a massive move of the BTC price when it will break the triangle. 

Usually, when a chart breaks such a strong triangle as we have in this example, it is being done with a VERY BIG volume. Therefore, we can expect a big move in the market once it happens.

 

To conclude, I think that BTC still worths a hold but not a buy at the moment.

 

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Barakz12
Barakz12

I am a: Graphic Designer, Encourager, Web Researcher, Crypto Enthusiast - Only those who never give up will be able to reach their targets! I would like to be a PRO and connect with the greatest content creators in this community!


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