During the past six months, Bitcoin has been undergone a sharp downtrend, with the cost of the high-end cryptocurrency decreasing by 50%, and even more, from the $14,000 high mark set in June.
Different players on the crypto market are waiting for various news. For example, ex-Wall Street trader Tone Vays recently specified that $5,000 is in the cards — the primary indicator which signalizes when assets gain turning points have just flipped bullish. This means that a comeback to a bull phase for Bitcoin might be already on the horizon.
Why Not Alter Trend On Horizon – Proposes Bitcoin Detector
In obedience to trader Moe, Bitcoin’s two-week schedule lately made several advantageous signs signalizing a macro trend alteration to bullish. The Fisher Transform indicator, which displays turnable moments in a market and general focus, recently appeared green on the two weeks firstly since the $14,000 top. Tom Demark Sequential “buy nine” was published at the end of November, and the candle before the temporary printed a long-legged Doji, involving there is high buyer demand in the $6,000s.
Many analysts noted that Bitcoin’s longer-term schedules are displaying signs that bulls are receiving control, despite previous cost action only composing of calm in the $7,000s, which is more bearish than it is bullish.
It was also noticed that the first time from February 2019, BTC was trading approximately $3,700. Such fact was considered as a sign that the bear rectification is ended.
This happens before long after FilbFilb specifies that the one-month Bitcoin graphic starts to mold up bullish. One trader noted that Bitcoin’s clean, no-frills bounce off the low-$6,000s — Point of Control as registered by a long-time volume marker — is slightly positive.
Moreover, according to statistical data published by TradeBlock (a cryptocurrency research and data firm), Bitcoin “had a record 2019 with transaction count and transaction volume reaching the new maximums.”
In addition to it, the hash speed — the amount of computational capacity processing transactions for the Bitcoin network — increased over 150% since the start of the year, previously hitting 110 exahashes per second, or 110 with 18 zeros after it.
Due to it, we can see that Bitcoin is functional as a safe, worldwide, and decentralized network for worth transfer but is developing in this purpose as well, suiting well for this industry’s long-term directionality.
This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.