Bitcoin’s current bout of extreme selling pressure has actually slowed as the crypto discovers some assistance within the lower-$ 8,000 area, which seems holding strong as its rate has actually had the ability to gradually inch greater in the time given that BTC touched its near-term assistance level.
Experts are now keeping in mind that Bitcoin might presently be revealing a comparable pattern to that seen in 2017, which might imply that it is leaving its restorative duration and going into another fresh uptrend, presuming that history rhymes.
Bitcoin Holds Steady Above Near-Term Assistance as Next Debt Consolidation Stage Starts
At the time of composing, Bitcoin is trading up under 1% at its current price of $8,562, which marks a minor climb from its current lows of under $8,400 that were quickly set throughout its current drop, at which point it sustained a minor increase of purchasing pressure that assisted slow its decrease.
It does appear that Bitcoin is as soon as again going into a fresh debt consolidation duration, which might imply that it will trade sideways around its near-term assistance level prior to it sustains another quick motion.
This concept is supported by the reality that BTC’s Bollinger Bands have actually been tightening up in the time following its current drop to its existing levels, which normally indicates that a huge motion impends.
Huge Cheds, a popular cryptocurrency expert on Twitter, discussed this in a current tweet while indicating BTC’s one-hour candle light chart.
“$ BTC #Bitcoin– Bands are tight on the 1 hour,” he discussed while referencing the below chart.
$BTC#Bitcoin— Bands are tight on the 1 hour pic.twitter.com/lWCWbbiXRi
— Huge Cheds (@BigCheds) November 16, 2019
Will BTC Quickly See Comparable Rate Action to that Seen in 2017?
Bitcoin’s current rate action might resemble that seen in 2017, according to one expert, who keeps in mind that the current series of downwards motions might merely mark stop runs that will eventually be continued by another significant upwards motion.
HornHairs, a popular crypto expert on Twitter, discussed this possibility in a current tweet, keeping in mind that Bitcoin might quickly leave its existing restorative duration.
” I still keep in mind the precise minutes of each of these stop operates on $BTC throughout2017 Each ended up being a turning point and end of a restorative duration in the bigger bull run. I can’t assist however believe we saw the precise very same thing take place just recently, simply on the weekly chart,” he discussed while using a side-by-side contrast of the charts seen listed below.
I still keep in mind the precise minutes of each of these stop operates on $BTC throughout2017 Each ended up being a turning point and end of a restorative duration in the bigger bull run.
I can’t assist however believe we saw the precise very same thing take place just recently, simply on the weekly chart. pic.twitter.com/0CVsr2C1mu
— HornHairs &#x 1f30 a; (@CryptoHornHairs) November 16, 2019
The coming weeks will likely use insight into the credibility of this possibility, as any rise from BTC’s current levels might validate that this restorative duration is genuinely over which more gains impend.
Included image from Shutterstock.
