According to an article in Cointelegraph, there are five signs that Bitcoin is about to enter a bull market phase and crash through its multi-year resistance at $10,500.
The Bitcoin price since the halving in May has been seeing some sideways action, which Keith Wareing writes is reminiscent of early 2017, “when Bitcoin hit $1,180 for the second time, triggering a catastrophic sell-off.” It appeared that the leading cryptocurrency was dead, but instead “what happened after is the first sign that we were in for a bull market.”
This is the first sign. Wareing explains “you can see that the pattern that played out after the 40% dump from $1,180 in January 2017 is almost identical to that of the 57% dump that occurred on March 12 2020.” What happened next in 2017 was a 2000% rise in the value of Bitcoin.
Sign two is “seeing a new descending channel opening up that has perfect Fibonacci levels lining up.”
Wareing says, “there are significant sell-orders as denoted by the yellow line around the 50% fib at $9,450 and interestingly a lot of buy orders around $8,800.” He explains, “As the shorts pile in targeting $8,700, the spoofers can take a large long position, remove their $9,450 sell-wall and scoop up all those liquidations.”
A “bullish MACD cross is a clear sign that momentum has returned to the overall crypto market,” and “several top-100 coins have experienced massive gains such as ZIL, for example, which recently surged by 300%. “
The sheer number of crypto videos and crypto tweets, as well as the rise or even the return of so-called “crypto experts,” is simply staggering, and is reminiscent of the 2017 market.
Watch out sign that the first level of resistance at $9,450 is being passed!