Bitcoin’s technical indicators point to a ‘big move’ on the horizon

The cryptocurrency market is still reeling from  the collapse of FTX, once one of the largest cryptocurrency exchanges in the world. However, some of its assets, such as Bitcoin (BTC), are making modest gains, and some indicators suggest that those gains could soon increase. 

 Indeed, with the Bollinger Band Width Percentile (BBWP) indicator on Bitcoin's two-week chart at a six-year low, the leading digital asset may indeed be poised for a dramatic rally. 

 Specifically, in May 2016 - the last time the indicator showed similar lows as today - Bitcoin increased by about 80% in the following four weeks,  pseudonymous crypto analyst Mustache said on November 28.
Technical Indicators Accumulate 
 Meanwhile, another technical analysis (TA) indicator suggests that the country's decentralized finance (DeFi) cards may jump, as noted by  crypto analyst Trader Tardigrade earlier on November 28. 

 This indicator is a Price Momentum Oscillator (PMO), which is typically based on a Rate of Change (ROC) calculation that is smoothed twice by exponential moving averages (MAs) that use a custom smoothing process. It oscillates with respect to the zero line. At Bitcoin, Trader Tardigrade explained that the PMO is currently below zero, which together with a "curvature support contact" could "trigger a bounce" that could happen sometime in 2023, according to the expert's chart. , towards 2024, possibly peaking  around $24,000.
Earlier, the Cyclic Channel Oscillator (CCO) reached the bottom of the bear market  and the ideal zone against the average price of the dollar, which could lead  to  a rally, according to an analysis by Finbold crypto expert Mags. 
 Bitcoin Price Analysis 
  Bitcoin is currently trading at  $16,504
, up 1.63% on the day, as well as 4.87% over the past seven days, although its loss is 20.57% on the monthly chart. charts show
Bitcoin, with a market capitalization of $317.01 billion, maintains its position as the largest cryptocurrency in the market by this measure, according to CoinMarketCapdata data obtained by Finbold on November 29. 

 Disclaimer: The content of this website should not be considered investment advice. Investing is speculative. When you invest, your capital is at risk

🌐  source

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