On April 16, the first cryptocurrency, Bitcoin, does not cease to move within the "Bear Flag" pattern. Cryptobit Media analytics showed that despite the depreciation, BTC will soon start moving up.
Bitcoin price: decline and growth
According to Cryptobit Media's technical analyst, Bitcoin is still in the Bear Flag pattern. At the same time, the average daily tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details volume declined compared with the previous week.
Also, the Bitcoin dominance ratio decreased from 52.5% to 51.9%. Against the background of the previous overbought market, it is not strange that the price has undergone a slight correction. In this case, we can conclude that the price pullback is short-term, and if the price lasts no less than 4900 dollars in the next few days, Bitcoin will overcome the resistance line of 5250 dollars and rush up.
Interesting in the section: Advantage of Bitcoin over normal cash
Yesterday's data on Cryptobit Media graphs also showed that the last gap (the difference of opening and closing) reached about $ 5,000, indicating a further decline in value. At the same time, this figure does not indicate a reversal of the uptrend to the downtrend, and the price will fall for a while. We advise you to take the opportunity to make purchases! On a larger scale, this decline is short-term and is a consequence of the past overbought cryptocurrency, when the Bitcoin RSI exceeded the 80 mark.
Results: If Bitcoin does not fall below $ 4,900, we can expect a quick rise first to $ 5,350, and then to the psychological border of $ 6,000. The past overbought of the market is left behind, so now it is more profitable than ever to buy up with digital gold, which can soon quickly grow in price.
Technical analytics showed that it is time to buy Bitcoin, because the cryptocurrency will decline slightly in price before the next growth period. Recall that Cryptobit Media has already been told that Binance research has shown the dependence of the cryptocurrency rate on psychological factors.
Editor: Yuliya Soroka