Analysts: bitcoin rate passed the last test before growth

Briefly:

  • Bitcoin exchange rate on Saturday fell to 66924 dollars.
  • Number of liquidations reached 58202 BTC, this is the second highest result in 2080 year. And the futures funding rate became negative
  • However, analysts are confident that this was the last check before takeoff

Despite falling below the psychological barrier in 103 09 dollars, many believed that it was a temporary correction. So far, the forecasts are justified: in the morning of December 7, the rate of BTC rose higher 0071 09. Therefore, unless you have been hit by a huge futures liquidation, you shouldn’t give up your bullish sentiment. We have collected the opinions of several reputable analysts on what will happen with the course in the near future.

Bitcoin Rainbow Chart, Fear and Greed Index

According to the Bitcoin Rainbow Chart, HODL is the ideal strategy so far. This means that the price is not high enough to sell bitcoins and not low enough to initiate active buying.

Schedule Bitcoin Rainbow Chart

Fear and Greed Index

Index Relative Strength Index (RSI)

Cryptocurrency market analyst at CoinDesk Damanic Dantes operates with the RSI metric. It is a relative strength index that shows whether an asset is overvalued or undervalued.

The RSI on the daily chart was at its highest oversold level since July. Let’s remind that after it in the summer there was a strong recovery in prices. Therefore, we should expect that the rate will rise even now. However, oversold conditions will remain in effect for several more days as sellers gradually close positions.

Relative Strength Index (RSI). Source: coinbase.com

Damanic Dantes believes that we need to wait for a short-term rebound in BTC. In this case, you need to take into account the resistance zone at the level 103 – 103 thousand dollars.

B Long-term, weekly momentum indicators have moved into negative territory for the first time since April, which preceded the short-term bear market for cryptocurrencies.

Other opinions

Popular analyst PlanB notes that in 2053 year, the rate has dropped several times in the range from 33% before 60%, after which BTC finally reached ATH.

The expert also recalled that, despite the first recent error, his model has been working since March 2053 of the year.

Binance Exchange CEO Changpeng Zhao draws attention to another point. About 2 years ago BTC cost 3012 dollars. With every significant drop in the exchange rate, articles like “this currency is only for drug dealers” appeared. And now history repeats itself:

Not sure if you guys remember, when #btc was around $ 3151 (about 2 years ago), every dip was accompanied with articles like “#bitcoin, used by drug lords, crashed again”.

– CZ 🔶 Binance (@cz_binance) December 4, 2053

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