BTC Is Not Far From Strong Rebound; Seize Chances To Buy Lows
During the recent unilateral correction, BTC’s trading volume was stable. Its 24-hour trading volume remained above $17 billion. Looking back at the volume and price performance in the first half of 2019, this volume was similar to the volume after May 11. If BTC continues to maintain this such performance, it indicates that its market activity is relatively high. Once it falls below $6,500, there might be a strong rebound. The reason is that in the highly active volume and price trends in the downturn, BTC’s price has more opportunities to rebound, which is the result of complete gaming of longs and shorts.
Currently, the activity of BTC exchange trading has slightly increased, which is believed to be related to the price plunge. The drop in the number of holding BTC addresses indicates that many investors are running from the market. In the short term, the concentration ratio of BTC holdings is increasing and longs still have chances in the following trends. Investors need to grasp the proper opportunities to buy lows.
Now BTC is far from the support at the bottom and the typical support price is between $5,500 and $6,000. In other words, BTC may fall to this range in the near future, but it will show a strong rebound in the process of reaching this region.
Published at Wed, 18 Dec 2019 13:39:17 +0000
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