Analyst: Bitcoin Price Rally Targets Between $12K and $22K Based on BitMEX History
Crypto Guide
Live News

Keeping up with all the cryptocurrency news and updates is not an easy task, but we are up to the challenge! This way we can help our readers to keep track of changes in these fast growing currencies. Just like our site, lambo2btc.com is willing to face this challenge and on their site, they compile the features, key elements, and recent news involving bitcoin casino sites and which are the best to try!

Analyst: Bitcoin Price Rally Targets Between $12K and $22K Based on BitMEX History

May 17, 2019      Cryptoknowmics

 

The 2019 Bitcoin disbelief rally has recaptured some of the public frenzy and media attention experienced at the height of the last bull run, despite the next bull run barely beginning. The powerfully bullish momentum has crypto investors and analysts reviewing price charts hoping to figure out where the rally might end.

One particular swing trader believes that by analyzing historic price action on BitMEX, the targets for the parabolic Bitcoin rally can be predicted. The two “take profit” targets the trader has come up with, are $12K and $22K.

BitMEX Price Action Helps Trader Identify Take Profit Targets on Bitcoin Rally

Throughout the bear market, BitMEX became a clear market leader as one of the few cryptocurrency exchanges offering short-selling and leverage, allowing crypto investors to profit from the falling prices of cryptocurrencies across the board.

 

Because so much price action occurred at the Seychelles-based trading platform, traders and analysts often look to BitMEX price charts to get an accurate read on the market’s next movements.

According to former CME Group trading-competition winner Eric Choe, the take profit targets for Bitcoin price during the current rally, is between $12,600 and $15,100. The two prices would put Bitcoin price between the 0.5 and 0.618 Fibonacci extension. The second take profit level, the self-proclaimed swing trader says, is at $22,600 – a price that would set a new all-time high for the leading cryptocurrency by market cap.

With a bull market all but confirmed, most crypto traders have switched into “buy the dip” mode. Choe says that the ideal zone to buy dips is between $5,200 and $6,300 where there is a significant volume confluence located.

But Will Bitcoin Even Dip With This Much FOMO in Crypto Markets?

This much FOMO has not been witnessed in the crypto market since the height of the crypto hype bubble in late 2017. The recent spike in Bitcoin has reignited interest across the board, from retail investors to institutions looking to gain their first exposure to the emerging asset class.

Such buying pressure has not allowed Bitcoin to fall more than 8% since the early April rally first began. Bitcoin was also able to stay strong in the face of last month’s accusations from the New York AG’s office made against Bitfinex, and a hack of Binance – among the crypto exchanges with the most trading volume.

It’s FOMO that creates the sharp parabolic climbs that Bitcoin has become accustomed to. It’s also FOMO that has helped the digital currency reach its all-time high in the past. Should Bitcoin break above

 

READ  Winklevoss: Sitting on the Sidelines is Crazier Than Investing in Bitcoin

Go to Source
Author: Tony Spilotro

#Bitcoin Price Prediction #Crypto News #Cryptocurrency #Cryptocurrency News
Cryptoknowmics
Cryptoknowmics

The dynamics of Crypto Fraternity is changing at a lightning speed. Access to most critical information in a timely and curated manner is extremely critical for the health of your investments. Cryptoknowmics is the fastest platform to bring and deliver news and critical information from above 3000 sources at your fingertips. We cover almost all aspects of cryptoworld from exchange, tokens, coins, dapps, ICOs, IEOs, STOs, events, airdrops, jobs, services, wallets, etc. We strive to be the complete solution for your crypto needs.