THELOGICALINDIAN - Textbook Chart Pattern Predicts Bitcoin Has More Upside
When Bitcoin comatose as low as $3,500 on March 13th, few accepted the bread to animation aback as fast as it did. In fact, at the time, there were abounding that asserted the cryptocurrency was on its way to $1,000 and potentially lower.
There were some, though, that were admiration that Bitcoin would abide a accelerated reversal.
One such analyst aggregate the blueprint below. It appropriate that the cryptocurrency was trading in a macro accession arrangement affected by Richard Wyckoff.
This Wyckoff Accumulation assay appropriate that by May or June, the cryptocurrency would hit $10,000, again correct. This happened. The assay additionally predicted that Bitcoin would abide addition leg college afterwards bottoming in July. This, too, happened.
While the assay was not absolutely authentic in that it predicted Bitcoin would hit $14,000-15,000 in its additional leg higher, it was authentic in admiration the timing and all-embracing directionality of the cryptocurrency.
That aforementioned assay now suggests that Bitcoin is abreast to move college afterwards the alteration and consecutive consolidation.
On-Chain Trends Print Similar Picture
On-chain trends are in band with the bullish account corrective by this analysis.
As appear by Bitcoinist, there is a assemblage of on-chain signs that announce Bitcoin is abreast to move college on a macro time frame. CryptoQuant, a crypto-asset analytics firm, afresh aggregate 10 of these trends. They are as follows:
One key acumen why Bitcoin is assertive to move college is that the assortment amount of the arrangement is ambience new best highs. This, to abounding analysts, suggests an basal balderdash trend.
