Another benefit for Bitcoin. Does Advent bring the big bazaar? Graphical analysis
The price in Bitcoin is currently 8353 €. Bitcoin has been gaining value for over a month now. In the last week, Bitcoin gained 0.3%. In the last 24 hours, the most is equal to 2.44% or short $ 200So the trend seems to be going up. But will any other price gains follow or is there a reversal of trend? The graphical analysis will show if it could be worth investing in Bitcoin now.
After a mixed month of September, the price of bitcoin was able to give its investors a positive return last month with slight gains. The coin rises relatively stable and again allows investors to increase on the bullish train. The question now is whether it is possible to make a profit in the near future. Let's start by looking at some concrete facts about Bitcoin.
- The maximum price of BITCOIN last month was € 8,778 and was reached on October 26, 2019.
- The minimum price per month during the last month was measured on 24.10.2019 with a value of 6676 €.
- If you look only last week, the maximum was reached on October 28th. Here a Bitcoin costs 8824 €.
- The minimum of the last week is located at 8063 € on 31st October.
The monthly minimum and the monthly maximum of the last month are only separated by 2 days. This can be explained by the fact that Bitcoins suddenly started to give a strong positive boost after reaching the minimum. This surge has surprised many analysts and proved once again that cryptographic currencies are still able to rise or fall sharply because of their high volatility. But what about the current trend in general? Let's take a look at the momentum.
Acceleration of price increases
The dynamics of the past week can be described as slightly positive and slightly up. For you as an investor, this means that the price has gone up in the last 7 days and that Speed of increase easy here faster at. This could be interpreted as a good sign for the future, as increased acceleration often goes hand in hand with further price gains.
This becomes even clearer if we calculate the momentum of the last 24 hours. Here, the dynamic is more positive and even stronger. During the last day, the speed of climb could therefore accelerate.
Daytrader, beware! Mast in the current BTC graphic!
Day traders are particularly on the lookout: special symbols that can be mapped. For example, flags and flags may indicate that a trend that occurred before the formation of the symbol ("mast") could continue thereafter.
At the present time, it may be that a mast appears in the current 24-hour bitcoin chart. You have to watch the graph closely in the next few hours. If there is a short zigzag line in a slightly negative direction ("flag") or a horizontal zigzag line that becomes smaller ("pennants"), there is a good chance that a second mast is then formed, which corresponds to the height of the first. at. Daytraders must keep a close eye on the course.
The gaps show no trend reversal for the moment
Shortcomings may appear in the candlestick charts and reflect the buying and selling behavior of investors. If you look at a current Bitcoin bar chart, you can see that at the moment, there are not many gaps that are forming. With the exception of some common deficiencies, which have no prognostic quality, there is no identifiable leap.
This suggests that the price seems to be relatively quiet at the moment. We can therefore assume that the slightly positive and calm course could continue even further.
Trend lines confirm: it could go up
Trend curves can be plotted in curves and used to visualize current trends. If you look at the trend line last month, it clearly shows upward. If the observation period is getting shorter and shorter, the asymmetry decreases first, but increases again when we get closer to the last 24 hours. This could also be interpreted as a positive sign for the future, as asymmetry seems to increase again.
What brings the near future?
What information could graphical analysis now provide?
- The momentum indicates that price increases are accelerating slightly.
- Maybe a flag or pennant could be formed in the next few hours.
- Only a few common deficiencies in the candle chart suggest a certain calmness in investors' investment behavior.
The signs are good that the Bitcoin price will continue to appreciate in the near future. This event could even degenerate into a new breakthrough of the € 10,000 mark. So you could benefit from buying bitcoins now. Of course, crypto-currencies are very volatile and do not necessarily follow the normal rules of the stock market. In addition, the future trend of Bitcoin also depends on current stock market news.
Currently, there are no major innovations in public relations for Bitcoin, apart from some minor improvements. Instead, reference is made to previous successes.
The challenge of 11 years of Bitcoin:
– Market capitalization of $ 167 billion
– $ 26 billion a day
– $ 2 billion transferred daily to the chain
– Used by tens of millions
– Crushed all the attacks by reversal
– Globally recognized as a new money
… and all this with a marketing budget of $ 0.
– Dan Hedl (@danheld) October 31, 2019
As a result, it is unlikely that current news from the Bitcoin stock market will have a significant impact on the current price of Bitcoin.
It may be worthwhile to fill your wallet with bitcoins now. There is a good chance that Bitcoin will continue to generate profits for its investors in the near future. You can also assume, with some probability, that Advent could offer a Bitcoin gift. Anyone investing in Bitcoin could soon see big gains. Investors who already own the coin should keep it or even buy it.
Source of the image: Bitcoin.org