News: Bounce Off $9,000 Could End Bitcoin Price Correction; Here’s Why − 稼げる投資系口コミ情報サイト【Trade Center】

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https://www.newsbtc.com/?s=Bounce%20Off%20%249%2C000%20Could%20End%20Bitcoin%20Price%20Correction%3B%20Here%E2%80%99s%20Why

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Transcript:

0:00:00 Bounce Off $9,000 Could End Bitcoin Price Correction; Here’s Why

0:00:05 This update is brought to you by “CoinCheckup News Updates” and was originally published on “NewsBTC”.

0:00:11 While selling pressure has undoubtedly dissipated, the Bitcoin price is still struggling.

0:00:16 As of the time of writing this article, the cryptocurrency is trading for $9,550, which is 6.5% lower than BTC was at one week earlier.

0:00:27 But, bulls might get some reprieve in the coming weeks.

0:00:30 Here’s why.

0:00:31 While Bitcoin’s price action seems sporadic, the asset follows distinct trends and patterns.

0:00:37 One of these patterns is Bitcoin falling to retest the 21-week exponential moving average in bull markets to confirm the uptrend.

0:00:45 Indeed, as he depicts in his chart below, Bitcoin had a tendency to fall by 33% to 39% to hit the moving average, then rocket back to fresh all-time highs in the coming weeks.

0:00:56 Right now, Bitcoin is around $500 away from the moving average, which is currently 37% lower than BTC local peak of $14,000. History repeating would see BTC fall to flirt with $9,000, then rebound into the end of 2020 and the subsequent block reward reduction.

0:01:14 The two levels to watch;$9,000 for the 21EMA bounce, which provided support all bullmarket.

0:01:21 If not, then the 100 Weekly MA -> also a test happened there.

0:01:25 If either of these provide support -> fun times.

0:01:28 This isn’t the only evidence indicating that Bitcoin’s downtrend may soon end.

0:01:33 Kissing the 128d MA is a very good sign.

0:01:37 It was overheated till this.

0:01:39 People familiar with BTC’s historic personality know that the 128d line needs to be touched many times during a bull market to stay grounded.

0:01:48 They present good buying opportunities.

0:01:51 While the prominent analyst did admit that the cryptocurrency has been “overheated” over the past few weeks, he notes that its part of BTC’s “historical personality” for it to flirt with the aforementioned moving average “many times during a bull market to stay grounded”.

0:02:05 Thanks for checking this video!
If you wanna read the whole article you can go to CoinCheckup.com or go to: “NewsBTC”, who originally published this news update on their website.

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