The past three days have been filled with revival hope in the crypto market as experts and traders claim the bulls have reasons to return fully in spite of the 33 percent price pull back witnessed lately.
Analysts backed their assertion with statistical data, stating Bitcoin has seen a rare golden crossover after the 50-candle price average surpassed the 200-candle average on the 3D chart, this was last seen in February 2016.
The optimism grew higher as Bitcoin answered the prayer of its enthusiasts by crossing the $10,000 barrier few hours later to make the market almost fully green.
The crypto market also got assistance for its drive to ceiling from buyers who used purchasing pressure to keep BTC distant from low price, as indicated by the long-tailed doji.
Furthermore, Bitcoin saw additional push up yesterday, after the United States President Donald Trump announced 10% additional tariff for China. At the closing hour of the European trading session, BTC immediately spiked to $10,200.
Bitcoin opened the trading session today on the upside trend of the market with a higher price. At press time, a unit of Bitcoin is worth $10,470 against the US Dollar with 5.51% added value in the last 24 hours.
A Run above 4th Doji, Would Make Bitcoin Exceed All-Time High
History is sure one of the factors used to forecast possible actions of Bitcoin’s price in the future, especially recurrent ones.
Since the formation of Bitcoin’s price on chart, the crypto asset has witnessed only 3 Doji monthly candles.
According to an analyst, the Doji candle is always formed along the median long term regression line when Bitcoin crosses over it.
Every Doji is preceded by an accumulation period. After each Doji candle, Bitcoin price spikes, tapping the top band to reach another all-time high price.
This month, after the supposed golden crossover, there are signs for the formation of a new Doji. The 4th Doji candle is already forming, and if history repeats itself, we would likely see a new all-time high.
An analyst has predicted that after a run above the 4th Doji, BTC price would spike to around $50,000+ against the US Dollar.
There's been 3 Doji monthly candles along the median long term regression line after bitcoin broke above it
After each one #bitcoin has tapped the top band
This month we're forming our potential 4th doji / (uncertainty candle)
— MOONOVERLORD (@MoonOverlord) August 2, 2019