Bitcoin May Have Plunged Below $7,800, Yet Dont Forget BTCs Booming Fundamentals

Bitcoin May Have Plunged Below $7,800, Yet Dont Forget BTCs Booming Fundamentals

Bitcoin Fundamentals Are Better Than Ever

Over the past week or so, Bitcoin (BTC) bulls have finally begun to relent. In a move uncharacteristic of the past six weeks, BTC has lost around 4% in the past 24 hours, falling under $7,800 after briefly flirting with $9,100 sometime last week. With this, bears have come out in full force, claiming that things may begin to get ugly for the cryptocurrency market, even uglier than things already seem.

Per previous reports from Ethereum World News, Bitcoins currently weekly candle printed a nine on the TD sequential, which is normally where trends reverse. Indeed, the TD sequential, a form of time-based analysis, often sees trend reversal if the trend reaches nine candles.

What was also harrowing was the fact that Bitcoin was then right under the resistance of the one-week Ichimoku Cloud and historical horizontal and Fibonacci levels. Bitcoin was also well above the 50 and 100 weekly moving averages, hinting that BTC may be overextended in its current position. This, coupled with other harrowing analyses, led some to write that Bitcoin bulls were in for a rude awakening.

There may still be reasons for Bitcoin investors to be bullish, however, As Rhythm Trader, an analyst/trading community, reminds investors, the cryptocurrencys fundamentals are just as good, if not better than ever. More specifically, BTC has seen nine years of higher lows; Bitcoin has registered new hash rate and mining difficulty all-time highs; the Lighting Network now has over 8,500 nodes; and adoption of BTC by retail investors, institutional players, and corporations is well on the rise.

Indeed, some of the worlds largest corporations, like Microsoft, Fidelity Investments, AT&T, and Whole Foods (Amazon), have quietly made forays into the cryptocurrency space over recent months.

In an earlier tweet, Rhythm even postulated that there is a good reason to believe that BTC remains strong from a charting standpoint too. As seen below, BTC, at least as the time of his tweet, was still trading in a clear parabolic uptrend pattern in spite of Sunday and Mondays collapse. This unnoticed sign confirms, in the eyes of Rhythm, that Bitcoin still has room to run to the upside. As was noted, Bitcoin rose from $5,000 to $20,000 in two months [during] the last parabolic move. But whether this will come to fruition in this cycle is on the table.

Regardless, the aforementioned fundamentals is, in the eyes of many investors, are clear sign that Bitcoin remains poised for long-term success.


Photo byAndr? Fran?ois McKenzieonUnsplash

The post Bitcoin May Have Plunged Below $7,800, Yet Dont Forget BTCs Booming Fundamentals appeared first on Ethereum World News.

04.06.2019 / 19:20 57
Bitcoin (BTC) In Bull Trend Despite Troubles at $9,000, Analysts Note Bitcoin (BTC) In Bull Trend Despite
Bitcoin Bull Run Sees Strong Confirmation In the past eight weeks, Bitcoin (BTC) has rallied from $4,200 to $8,400, literally doubling in a time when
Bitcoin Sees Sketchy Weekly Candle, Chances Of Pullback Increasing: Analysts Bitcoin Sees Sketchy Weekly Candle,
Throw in the towel bulls Bitcoin (BTC) has just printed its first mediocre weekly candle in over six weeks. With this, more and more analysts are
Bitcoin Price Analysis: Doji Death Candle Appears But Is The Rally Over? Bitcoin Price Analysis: Doji Death
Serious FUD is beginning to set into the Bitcoin market, as fears of a potential bearish evening star doji appearing on the 1-Week chart set in. But
Crypto Analyst: Bitcoin May Monthly Candle Close Confirms Bull Market or Accumulation Crypto Analyst: Bitcoin May Monthly
As Bitcoin price nears closer to important resistance at $6,000, its clear that the leading cryptocurrency by market cap is at an inflection point,
Bitcoin Price Analysis: $4000 in Sight After Last Weeks Bullish Move Bitcoin Price Analysis: $4000 in Sight
As Bitcoin price finished the week with a strong move to the upside, we take a look at what this means for the Bulls and Bears heading into the week.
Bitcoin Price Live: Massive One Hour Candle Takes BTC Above $4,000 Bitcoin Price Live: Massive One Hour
Bitcoin continues its recent price rally, topping $4,000 on Thursday, December 20, 2018. The top-ranked cryptocurrency is up by more than eight
Comments (0)
Add a comment
Comment on