The main rule of technical analysis is the longer the timeframe, the more reliable the indicators on it. This principle can be applied to the trader’s forecast under the nickname Filb Filb. According to him, trends in the crypto market over the past 12 months indicate a very high probability of Bitcoin growth in the near future.
Preparing for breaking resistance
At the moment, Bitcoin continues to “trample” in a narrow zone around its resistance on the $ 4,000 line. The bulls could not break through it with one sharp movement, so for now, one cannot count on rapid growth.
But Filb Filb is sure of the opposite - we have plenty of positive signs on long-term cryptocurrency charts.
The ratio of longs to shorts on Bitcoin, which I follow today. The graph clearly shows the trend formed in the last 12 months. If my calculations are correct, Bitcoin will grow by 25-50 percent. This tweet will disappear in seven days [evil smile].
Recall, the last time the main cryptocurrency rose in price by at least 25 percent in April 2018. Then BTC rebounded from support in the area of 6600 dollars and literally one candle could reach the line of 9000 dollars.
A 25 percent increase from the current market price of the coin would raise its value to $ 5,000. At the same time, positive dynamics is also observed in Bitcoin's trading volumes - on the 1-week chart trader Josh Reiger noticed.
I waited patiently for the past few weeks, during which time the market gave the first signs of a reversal. A bullish mood will appear a little later, before it is time.
Find out the opinion of ordinary traders in our cryptocheat. The current coin rate and market conditions will describe this rating. It has charts, capitalization indicators and even the cost of cryptocurrency in rubles.
