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Bitcoin (BTC): Price Steadies As Signs Of A Trend Reversal Start Appearing
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Bitcoin (BTC): Price Steadies As Signs Of A Trend Reversal Start Appearing

Bitcoin (BTC) is preparing for a trend reversal. The price has been literally trading in a flat line since September. Now is the time that we may finally see some action most likely to the upside. A lot of the technicals support a move to the upside from here on out. The price is still in a good range for a buy. We may see the formal beginning of rally towards mid November that may last till the end of the year. In the first two months of 2019, we are likely to see a slight correction that should enable BTC/USD to finally touch the curve (shown in yellow). Soon as the price touches that curve, we should see a powerful beginning of a new cycle.

There is no doubt that the next cycle is going to enable Bitcoin (BTC) to reach a new all time high. A lot of analysts and speculators may disagree on the value of that ATH but most of them agree that we will see a new all time high during the next cycle. If Bitcoin (BTC) follows the same trajectory, we should be able to see a price of $30,000 towards mid 2019. I personally do not believe that this is going to be the ATH for the year. I think the price could reach at least $50,000 during 2019. However, most Bitcoin (BTC) bulls agree on the figure of $30,000 being the absolute minimum we can see as ATH during Bitcoin (BTC)’s next cycle.

If we look at the above chart for BTC/USD, we can see the price flattening before enter another cycle. However, the price is not the only metric that shows the formation of a bottom. If we look at the volume, we see a similar flattening. Volume on most exchanges has significantly dried up. If you want to buy your favorite altcoins before the next rally, you will probably have to wait a long time to get your orders filled on most exchanges because the volume is too low. You may also notice at times that even a small order for a certain altcoin pair can swing the price of that coin significantly on that particular exchange. Investors are busy moving their funds to wallets. Traders have given up trading because it is no longer profitable considering the price is trading in a flat line and the risks have become higher.

The price is just a heartbeat away from breaking above critical resistance levels and beginning a new cycle. We might see a lot of interest short term and the price may reach $10,000 in the weeks ahead. However, I do not see it rising above $10,000 before February 2019. The number of bulls in the market is still quite low but they are now higher in comparison to the number of bears. We have already seen most bears on Bitfinex and Bitmex closing their shorts and giving up because they are convinced that a trend reversal is around the corner.

 

 

 

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Fakhan

I work as the key Trading Analyst for Crypto Daily and provide the team with regular analyses and updates regarding the technical performance of all cryptocurrencies on the market. I am responsible for the production of articles and posts for Crypto Daily’s own technical analysis section and spend my time monitoring and commenting on the varied moves the markets make on a daily basis.

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