This is When Bitcoin (BTC) Price Will See Short Term Rally Before Major Crash!

Ethereum Merge was expected to create volatility in the crypto space, and now even after the merge is completed it appears like the crypto market has nothing to do with it.

However, the world’s first cryptocurrency, Bitcoin, is going ahead with its downward moment. It was on September 13 that Bitcoin saw a price down after hitting $22,799 and also formed extreme bearish momentum.

This downfall saw Bitcoin testing $22,670 as a resistance area along with RSI plunging below 50. As per the reports, if Bitcoin continues with the same trend, BTC may plunge into the $19,000 area

Bitcoin Price In Near Future

The future of Bitcoin is not that clear because though the six-hour chart indicates a bull run, there is no certain trend that is being projected.

Currently, Bitcoin has moved away from its downward resistance, but couldn’t hold on to its bullish trend for long and slipped near its minor support area of $20,000. However, the one positive thing here is that there’s bullish divergence trend line is still holding on.

On the other hand, when the two-hour chart is taken into consideration it indicates a bounce. There are two reasons, first is RSI’s bullish divergence and the formation of a bullish hammer. The second is the bullish trend taking over the candlestick.

Hence, before Bitcoin sees another decline, there will be an upward movement towards 0.382 to 0.5 Fib retracement levels at $20,840 to $21,200.

Meanwhile, another indicator that could help us know about the Bitcoin trend is the Relative unrealized Loss indicator. This indicator makes note of the total loss of all the currencies whose price was higher than the current trade price.

This year the indicator was able to capture the high of 0.54. Its observed that every time bitcoin orginformation bitcoin org Event OrganiserTechnologyPayment solution Followers : 0 View profile  higher high, RUL has formed a bit lower high before the beginning of the new cycle

Hence, if Bitcoin decides to follow the previous trend, it means that BTC has either hit the bottom or will do it soon.

Was this writing helpful?

Read More

Spread the love
Nicholas ‘Nick’ Statman entered the property industry in 2001 and set up a property buying company that quickly established itself as one of the biggest in the sector. During this time the Company successfully transacted on thousands of residential properties across the UK. Nicholas Statman was an early pioneer of the ‘quick sale’ niche market which has since grown considerably with a multitude of companies now operating in the sector. Nicholas Statman has strategically built a sizeable residential and commercial property portfolio with a view to holding for optimum capital growth and a long term passive income. Nicholas Statman has been involved in almost every aspect of the property sector over a 20 year period – this includes buying and selling, development, letting and management and is now involved in the fast growing online/ hybrid Estate Agent industry.

Latest articles

Borderlands movie gets “final” trailer ahead of August’s release

Sure, TV seems to be doing a decent job of making video game adaptations that don't utterly suck these days, but the movie world's still waiting for its The Last of Us moment. Will it come in the form Gearbox's soon-to-be-released Borderlands film? Probably not, but if it's brightly coloured chaos you're after...

Crash Bandicoot N. Sane Trilogy is coming to Xbox...

It looks like Crash Bandicoot N. Sane Trilogy is on its way to Xbox Game Pass next month. That's according to leaker eXtas1stv, who previously correctly leaked that Call of Duty Modern Warfare 3 would arrive on Game Pass on 24th July, which was officially confirmed yesterday...

PlayStation 5 adding way to save power when charging...

Sony has detailed its a fresh wave of PlayStation 5 features set to be tested as part of its next system software beta update. This will include "adaptive charging", designed to save power if you have plugged in controllers to charge while your console is in rest mode...

Twitch updates sexual harassment policy to make it “easier...

Twitch has updated its policy on sexual harassment, and added a new category to its AutoMod tool, to improve safety on its platform. In a new blog post titled "How we're combatting sexual harassment on Twitch", the streaming platform highlights clarifications to its policy. "While our policy remains largely unchanged...

Similar articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Subscribe to our newsletter

Spread the love