What’s Bitcoin’s Next Move? This ‘Uncanny Resemblance’ Might Have Something To Say
Bitcoin price is still above $7,000, trading at $7,500 at the time of writing while managing the daily trading volume of just $164 million, up from merely $120 million on the weekend.
- Source: Coin360
We started the month at $7,500 and after dropping down to about $7,050 level in the following days, we have been keeping around $7,500.
As we reported, Bitcoin bottom seems to be close with MVRV, unrealized profits, and SSR painting a bullish picture. Analyst Willy Woo also noted that on-chain momentum is “crossing into bullish.” Bottom he said is most likely in while advising investors to start prepping for the upcoming halving from running.
Meanwhile, trader Cantering Clark is seeing an “uncanny resemblance” between the current Bitcoin price chart and the 2018 bottom in November-December. This resemblance says Bitcoin is currently in an accumulation phase.
Bitcoin’s bottom at $3,200 at the end of last year was followed by 2019 rally that saw BTC surging as much as 200% by Q2.
There is an uncanny resemblance between these two charts.
It would make sense that after the first major move up, that the first major correction and following accumulation period would have a fractal resemblance to the larger original.
— Cantering Clark (@CanteringClark) December 9, 2019
But at this point, Clark points out, it’s just “hopium” for the market while the sentiment in the market has yet again moved to the calls for $1,000. The Crypto Fear and Greed Index has also been showing “fear” in the market at about 30 reading which is a slightly better situation than the “extreme fear” that permeated the market last month.
BTC price is currently hovering above HTF 2017 and the chopping Clark says it seems “purposeful.” Clark is long on spot BTC from under $4,100.
Bitcoin opened and closed within a half of a percent yesterday.
There are currently two groups of people I see currently:
📉1: This feels like November Before the massive break down
📈2: This feels l like December at the bottom
Which one are you?
— Jacob Canfield (@JacobCanfield) December 8, 2019
Analyst Magic Poop Cannon says,
“BTC is in a symmetrical triangle right now, so traders should watch the direction of the breakout, and look for high volume for added confidence on that breakout direction.”
Mati Greenspan, founder of investment firm Quantum Economics in his Monday newsletter said Bitcoin might be stuck here but,
“the fun thing about this asset is that it could easily break out of its current range at any moment, or it may just sit here and consolidate for the next few months, we'll never know until it happens.”
However, when it comes to crypto adoption, Greenspan says, we should focus on Africa where Twitter and Square CEO Jack Dorsey is planning to move. Last month, Dorsey Tweeted “Africa will define the future (especially the bitcoin one!).”
Being left behind in technological and industrial innovations which is largely due to broken governments and fractured laws, Africa Greenspan says, could be advantageous for Bitcoin in terms of its adoption and innovation.