Bitcoin Is About to Hit an Important Buying Signal Marker
- Regardless of falling prices, one of the most significant and profitable buying signals in Bitcoin’s history is about to happen.
- Unless a sharp downturn occurs and miners powering the cryptocurrency protocol start to give up, the signal is only a few days away.
Bitcoin’s Price Remains Above 9,000 USD, Just a Few Days Away From an Important Buying Signal Point.
Bitcoin’s price has traded sideways over the last month or so. Unpredictability in the commonly explosive cryptocurrency asset has reached new lows.
All signs would indicate that the main cryptocurrency by market cap is preparing for a huge move and maybe one of its largest ever.
The data indicates that when Bitcoin trades sideways and consolidates over this period of time, it generally moves by over 20%. A pump commonly follows a breakout, however, the longer the sideways trading continues, the more dangerous the outcome is.
The last two times we saw the volatility dropped this low we saw fireworks when it bounced back.
The first time was before Bitcoin’s drop to its current bear market bottom at 3,200 USD. Prior to that, we saw the asset’s historic bull market and rise to 20,000 USD.
The instance that brought about the last bull market, came soon after the asset’s last block reward halving in 2016. The cryptocurrency is currently at a stage in its market cycle similar to that in 2016.
Other signs are would suggest that the asset could be ready for another upward breakout. Hash Ribbons, one of the most significant and profitable signals ever, is only a few days away from triggering a buy signal.
Bitcoin BTC/USD Hash Ribbons.
Hash Ribbons Buying Signal Started the Last Bull Market.
There’s no arguing the significance of the Hash Ribbons indicator. The tool is one more of Bitcoin’s integral analysis indicators designed by expert Charles Edwards.
Edwards also created tools that look at energy value and cost of production to name a few.
These tools are some of the most fundamental tools in Bitcoin analysis, especially from an elemental standpoint.
Hash Ribbons signal’s when miners powering the network are giving up. When this is over, it signals a “buy” point.
A few times throughout cryptocurrency’s history have resulted in a major upside following the buy signal triggering.
We saw it just before Bitcoin’s rise from the bear market bottom to 14,000 USD back in June 2019. It also triggered just before the pump to 10,000 USD at the start of February this year, and again on its way up to its current levels.
Bitcoin BTC/USD Hash Ribbons.
Before those occurrences, the Hash Ribbons buy signal resulted in the last bull market. Where we saw the price of Bitcoin rise by over 3,000%, reaching a record high of 20,000 USD.
Unless a cataclysmic crash happens, this buy signal is only a few days away from happening once more. If it does, the current low value of Bitcoin might be the cheapest prices it will ever trade at again.
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