A big part of the cryptocurrency market have been in the «green» zone is the growth zone, while bullish sentiment once again beginning to penetrate the price charts of bitcoin. Some signs say that the bears are starting to get tired and soon the market will hold the «bulls».
On the one hand, the largest market capitalization of cryptocurrency in the world can fly up and exceed $ 7,000. On the other hand, bitcoin is still at risk of falling to a new low below the level of 6 000 dollars. But still we can assume that the worst days of the cryptocurrency behind.
At the moment bitcoin is trading at 6 $ 850 and still successfully avoided a collapse below $ 6 000 dollars. If you cut the possibility of large sales of the cryptocurrency and market manipulation, it seems that bitcoin has already reached a local minimum. This assumption is confirmed by the analytical schedule, the company Turtle BC. According to the data provided by the website, the percentage of purchases in the market
clearly reflects the bullish sentiment.
Of course, this schedule is just a drop in the sea. However, Turtle BC says:
«The percentage of purchases in the market – a tool that can help to detect the beginning and end of «bullish» sentiment in the market. When this percentage is less than 10, which is almost at the bottom of the chart, the signal can appear in the near future.»
Percentage of purchases on the market currently far exceeds 10%, rising for two days from 37.14% to almost 50%. Even if you don’t particularly trust the schedule, we note a more complete picture of the current situation.
The chart shows that the downward movement of bitcoin loses some of it after a healthy series of lower highs and lower lows. Also clearly seen that the down-trend is trying to change the trajectory gradually turns upwards.
However, it would be foolish to assume that bitcoin will not again to fall or even fall below $ 6,000. If this happens, there should be no reason to panic. Price action in the district 5 $ 500 still confirm the accessory direction of the curve. Only a deeper fall, caused widespread panic, or a manipulation in the market that could change the General trend back in the direction of cool downward trajectory. If you rely on past experience, such an event is unlikely to occur in the second quarter of this year.
Of course, nobody can predict the future. However, it seems that the «bears» will soon fall under the onslaught of the «bulls» and bitcoin will start to grow again.