A Bitcoin profitable buy signal has formed and now points to a new major upside movement that could lead the number one cryptocurrency above $20,000. In today’s Bitcoin news, we are taking a closer look at the analysis.
BTC’s price set a new all-time high price record over the week and took the leading cryptocurrency by market cap to slightly below $20,000 before a minor pullback occurred. While there’s always a possibility that it could receive a stronger correction because of how overheated it is, one indicator pointed to a strong upside movement from the current levels. In fact, a bitcoin profitable buy signal is about to trigger which could lead the asset into a new full-blown bull run. But will the miner capitulation stop this movement?
Bitcoin was the first cryptocurrency ever created and it was likely responsible for creating an entire industry and asset class which is deemed as the greatest technological revolution since the computer of the internet. It has taken a few years of development and adoption for the world to start learning how it actually works. Today, analysts face many challenges of performing technical analysis on charts with little price history. The low supply and high volatility cause indicators to give false signals so it was extremely hard to provide accurate data. The best analysts of the industry created new tools that we use today in order to get accurate data.
One such analyst is Charles Edwards who developed the Hash Ribbons tool which is seen as the most profitable Bitcoin profitable buy signal. According to him, this signal will return this week when BTC hits its former all-time high. The hash ribbons are actually a pair of moving averages of the BTC network which can signal when miners are capitulating or cannot sustain their operations profitably. When the buy signal arrives, the charts show the performance of the Hash Ribbons from Bitcoin’s 2018 bear market bottom and the results are shocking. The charts also show that the buying signal is very powerful and capable to make a boom on the market.
The Final buy signal before the bull breakout in2013 was followed with a stunning 5800% increase. The Buying signal took the asset to $20,000 and marked a 3300% surge. Given the returns over time, the ROI Dropped by 60% but another reduction of this kind will put the target for the next peak at $400,000.
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