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Bitcoin (Bitcoin) recovered to the $21,000 level in November after holding for several weeks near $20,000, characterized by sideways movements. In particular, investors are looking for potential signals of a bottom in asset prices that could usher in a new rally.
that’s right, bitcoin center rainbow price chart It is one of the tools used to measure Bitcoin’s performance by highlighting the asset’s historical trends along with insight into long-term price movements. This tool is also known as a fan chart that shows market sentiment with colored bands.
Chart Prediction Shows Bitcoin Likely To Regain Critical support Levels by the end of 2022 Cryptocurrency You may reclaim the $25,000 level, which is in the “Basically Cheap Sale” range. Notably, the current price of Bitcoin is also operating within the zone.
Additionally, the rainbow chart trend indicates that Bitcoin may have bottomed out. For example, when Bitcoin traded in his basically fire sale zone in March 2020, the asset embarked on a historic rally, hitting a record high of $69,000 in late 2021. did. volatility with price stability.
Additionally, with Bitcoin trading in the $20,000 range, some in the market believe the asset may have bottomed out. Investor Maximize capital efficiency and maximize upside with minimal downside risk.
At the same time, caution should be exercised when using the Bitcoin Rainbow Chart. This is because the band adjusts over time to better match past performances. Elsewhere, the color bands follow logarithmic regression and are not part of the scientific basis.
It’s worth noting that the crypto community expresses bearish for Bitcoin by the end of the year. especially, coin market capitalization The cryptocurrency community predicts that Bitcoin will trade at an average price of $21,237 by the end of December 2022. fin bolt November 5.
This price represents a decline of less than 1% from the value of Bitcoin at the time of its publication. This prediction is based on a poll by his 12,953 community members using a price estimator.
Interestingly, long-term Bitcoin technical analysis reveals a range of sentiments towards the asset. For example, in a one-month technical summary, 7 emphasizes neutrality and 10 indicates “buy”. moving average Oscillators are “buyed” at 4 and oscillators are sold at 9.
In this case, the $25,000 level is considered a key psychological point for Bitcoin. This is to align the asset to recapture the highs witnessed late last year. Meanwhile, Bitcoin was trading at $21,250 by press time after several attempts to breach the level.
Disclaimer: The content of this site should not be considered investment advice. Investing is speculation. Your capital is at risk when you invest.
