Analyzing BTC’s Long Term Monthly Line

Must Read

Gnosis Founder’s Remark on Bitcoin Inflation and Ethereum’s Monetary Policy

Bitcoin investors and Ethereum investors have been against each other for quite a long time, but now it...

CNN Interviews The TRON Foundation Founder And CEO Justin Sun

Julia Chatterley and Justin Sun, talk about digital content sharing, buying BitTorrent, crypto investing and the grand thing...

Winklevoss’ Ticket To Space Eventually Turns Out To Be An Expensive One

Tyler Winklevoss acquired an expensive ticket for an exclusive space journey. Winklevoss had bought the ticket from the...
IMG_20190610_132229_280
Parth Vig
Parth Vig is a Management student, and a keen observer of Cryptocurrency and blockchain technology, his interest in writing brings him to thecoinrepublic.com, He believes that he has many ideas that he pens down and he feels it would be a great asset for any kind of creative writing.
Analyzing BTC’s Long Term Monthly Line

  • Bitcoin is known for its reliability and lower transaction fees as compared to traditional modes of investment.
  • Bitcoin noticed bottom rebound to 14,000 USD, which then fell to a 6400 USD minimum before rallying to the current 8600 USD level.

The most famous decentralized digital currency, Bitcoin, is currently trading at $8565.05 with a market cap of $1,55,68,23,28,719. Created in 2009, Bitcoin is also known for its reliability and lower transaction fees as compared to traditional modes of investment.

According to research by Cambridge University, ‘between 2.9 million and 5.8 million unique users used a cryptocurrency wallet in 2017, most of them for bitcoin.’ With Bitcoin’s volatility and unpredictability, it is essential to analyze its past and understand what it means for investors to put their money into bitcoin today.

When one analyses the 10-year long term historical monthly line trend of the market rank number 1 cryptocurrency, BTC, one realizes that Bitcoin soared to the peak of each round of bull market in 11years, 13 years and 17 years.

After this, BTC peaked and reached its lows. After close research, it can seem that all fell first. BTC broke the apex Fibonacci at a 61.8% support level. Then, after a period of bottom consolidation, the cryptocurrency bottomed out and then stood strong at the 0.618 trend line.

Nevertheless, the subsequent trend not handled effectively, which led to a continued rise to the next bull market. Presently, BTC has begun its fall from a 17-year long apex and has gone below the 0.618 limits to support 7,500 USD.

At the beginning of 19 years, Bitcoin noticed bottom rebound to 14,000 USD, which then fell to a 6400 USD minimum before rallying to the current 8600 USD level. It is to note that the BTC is still above the 61.8% support level.

It often said that history would repeat itself. In spite of whether or not such movements of Bitcoin will happen, they will act as a base to analyze future opportunities and predict interventions.

Experts reveal that as long as the monthly line is effectively intact and the trend is considered valid, such ups and downs will continue along with repeated fluctuations.

As the graph indicates, the probability is at 0.618 retracements, with the mainline rising in the future. Dips will still dominate the trend. The BTC monthly line thus suggests that the cattle are only one step away.

Hot News

Gnosis Founder’s Remark on Bitcoin Inflation and Ethereum’s Monetary Policy

Bitcoin investors and Ethereum investors have been against each other for quite a long time, but now it is time to have a...

CNN Interviews The TRON Foundation Founder And CEO Justin Sun

Julia Chatterley and Justin Sun, talk about digital content sharing, buying BitTorrent, crypto investing and the grand thing that Justin Sun did just...

Winklevoss’ Ticket To Space Eventually Turns Out To Be An Expensive One

Tyler Winklevoss acquired an expensive ticket for an exclusive space journey. Winklevoss had bought the ticket from the company, way back in 2014,...

Ethereum Mining Has Been Stopped By The Antminer E3

Bitmain is the leader of the cryptocurrency mining ASIC industry. The Antminer E3 has stopped mining the Ethereum classic, and there is only...

UAE’s Mashreq Bank All Set To Adopt Blockchain Technology

The UAE’s oldest private bank Mashreq Bank sets out a new blockchain initiative for customer satisfaction and client security. The UAE government introduced...

Ethereum (ETH) Price Analysis: Bulls May Fade Away If ETH Continues Under $275

Since the starting of the month, ETH has been making failed attempts to cross the major mark of $300 If it continues to...

CNN Interviews The TRON Foundation Founder And CEO Justin Sun

Julia Chatterley and Justin Sun, talk about digital content sharing, buying BitTorrent, crypto investing and the grand thing that Justin Sun did just...

Winklevoss’ Ticket To Space Eventually Turns Out To Be An Expensive One

Tyler Winklevoss acquired an expensive ticket for an exclusive space journey. Winklevoss had bought the ticket from the company, way back in 2014,...

Ethereum Mining Has Been Stopped By The Antminer E3

Bitmain is the leader of the cryptocurrency mining ASIC industry. The Antminer E3 has stopped mining the Ethereum classic, and there is only...

UAE’s Mashreq Bank All Set To Adopt Blockchain Technology

The UAE’s oldest private bank Mashreq Bank sets out a new blockchain initiative for customer satisfaction and client security. The UAE government introduced...

RELATED NEWS

Gnosis Founder’s Remark on Bitcoin Inflation and Ethereum’s Monetary...

Bitcoin investors and Ethereum investors have been against each other for quite a...

CNN Interviews The TRON Foundation Founder And CEO Justin...

Julia Chatterley and Justin Sun, talk about digital content sharing, buying BitTorrent, crypto...

Winklevoss’ Ticket To Space Eventually Turns Out To Be...

Tyler Winklevoss acquired an expensive ticket for an exclusive space journey. Winklevoss had...