Friday , December 4 2020

TradingView Community is Bullish About Bitcoin: BTC Wedi Bottomed! The Principal Contributor says



It seems that this week has woke up the enthusiasm and optimism of the crypto community. Bitcoin seems to have beaten the bearish trend, with many analysts seeing this signal so positive.

According to Coinpricewatch, Bitcoin started the week with a price of USD 3600 and closed over 4K. This value has always been a significant opposition since BTC has reached a historical decline of approximately 3.2k. Many expect the 4k zone to become critical support in the near future.

It seems that there is a common sense of feeling in a number of members of the community. On February 22, 2019, a value of 80,000 Bitcoin Longs was purchased on BTC's future, in a trade that counted on the highest volume of BTau Longs ever traded. For this good news, we must add the fact that BTC in recent days has also recorded the largest trading volume in its history.

courtesy: Reddit

Thanks to this series of events, the community of traders and technical analysts shared their favorable opinion and their bullish feeling. In Tradingview, a platform specializes in providing tools for technical analysis, many job members have published a pretty optimistic content, as they still support all their arguments.

MagicPoopCannon, one of the most experienced users on stage (52k followers and 10.5 million views), with supporters, according to its analysis, has several reasons leading to Believe that Bitcoin has Bottomed. This user is known for not respecting any changes in the trends, sharing some bearish opinion when the graphs reflect that feeling:

"Looking at the Bitcoin monthly log chart, I'd like to draw a very simple indicator that shows us the bottom is most likely. I would like to draw your attention to the MACD …
So, this is a very simple indicator. However, a historic one is powerful for deciding heads and heads in bull and bear markets. At present, it shows us that the bear market has expired. Technically, we need to monitor how the month closes to know for sure, but every sign at the moment shows that the bear market has expired. "

Another analyst who also shared his bullish image was LiuTrader. Share a chart announcing that the bearish trend has ended and the bitcoin may now start a bullish cycle in the face of halving next year's expectations. He anticipates BTC could hit 100k by the end of 2021

For his part, Alan Masters also shared his bullish theory. Analyze the performance of the XBT / USD pair in BitMEX. For this user, Bitcoin has the potential to grow to $ 4500 where it could meet important resistance. To talk about a bearish trend, BTC would have to record prices below 3.7k.

• RSI is a top quality and bullish since September 2018, that is 5 months. The highest it is in 5 months.
• The MACD tends up and got momentum.
• The next strong opposition sits at $ 4241, marked by the highlight of December 24th, and then $ 4423 that has been marked by the end of the maximum Novembers period and EMA50 ($ 4503 ). Therefore, the next target for Bitcoin, if it can break over $ 4241, is the range of $ 4420 – $ 4500, this is where the strongest resistance will be met. If this level is broken, Bitcoin can continue to climb up. I will share a new analysis with the following targets.
• The main support on this time frame is EMA10, which sits at $ 3700. For Bitcoin to go bearish it needs to close below this level.

Finally, DLavrov also said that the forecasts are also promising to those that are chartered by charts with candles of more than 4 hours.

It is possible to predict the address of the cut using market conditions of advanced schedules. I remind you, based on the 4H, we have a strong bearish market, but in the end, the market is currently bearish, which is becoming weaker.

Remember, these are only the opinions and these should not be taken as professional financial advice. Do your own research and never invest more than you can afford to lose. Good luck and happy trading!


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