Bitcoin Rate Trend in 2018 is Almost Similar to Previous Movements
Some cryptocurrency community members think that a piece of historical technical analysis indicates that Bitcoin’s price could be headed upwards real soon.
Historic Technical Analysis Approaches: Wyckoff Method
According to a a crucial resistancelevel for Bitcoin may lie at $7800, around $1200 far from current prices.However, numerous Reddit
users were fast to call this technical analysis fake, some saying: Of course, you will find something much like the existing circumstance if you search long enough … Another critic of this piece of relatively obvious wishful thinking also said: There’s some sort of TA for each single situation out there. S ** t increases
, s ** t decreases. That’s all you have to know.Others also think that there could be some large inconsistencies with the offered timeframes, as Wyckoff worked with the slower-paced stock exchange. In direct comparison, cryptocurrencies are traded 24/7, in all parts of the world, quelling making use of conventional technical analysis approaches for longer timeframes. Bullish Belief Remains These Reddit users might be onto something, as it could be a pure coincidence that Wyckoff’s chart matches Bitcoin’s rate action. On the other
hand, ‘CryptoPorto ‘might be drawing precise and timely parallels between historical technical analysis and today’s unpredictable cryptocurrency market.Cryptocurrency experts like Fundstrat’s
Tom Lee and Robert Sluymer still think that Bitcoin is set for a bull run within the next couple of weeks. E … Read complete story on NewsBTC Tags: Cryptocurrency, Technical analysis, Wyckoff, New Jersey, Reddit