Bitcoin might be bullish, but is a 40-50% correction imminent?

  • 29 June 2019, Saturday, 16:30

Bitcoin, the largest cryptocurrency in the world took most alts on a ride, with constant rising and falling prices. Bitcoin’s fall has now been calculated to be of 17.28% over the past two days and the coin has made several efforts to recover. However, the traders and analysts are split about the upcoming trend of the king coin.

Tone Vays, a prominent Bitcoin proponent analyzed the Charts to identify the ramifications of the current pattern and whether or not a 40 to 50% correction is underway. Vays laid out various charts to identify the nature of the king coin’s market. Vays used TD sequential indicator which is an exhaustion cycle indicator that identifies trend reversal using exhaustion points numbered 1-9 with 9 being the potential exhaustion point and reversal of a trend.

The weekly chart, according to Vays, in its current form indicates a bullish market. He also noted that there were higher possibilities of new highs forming from this point.

The daily chart is yet to form the ninth point in the cycle, which might cause worry as it would be indicative of trend reversal, but Vays asked the community to not worry about it too much. The ninth point might reverse the on-going trend.

The trader noted that the 12-hour chart awaits a price flip, however, if the chart reports new highs, that would be indicative of a bullish market.

Vays classified the patterns for the four-hour chart and the one hour chart as “very bullish”; however, the trading community has been whispering about an upcoming correction that might bring the coin’s price back to $3k. The Bitcoin enthusiasts did not seem happy with Vays’ prediction and told him:

“Tone. Been watching your videos for a while. Sorry to say but I can only conclude that TD sequential is just random nonsense. You cherry pick to see where the charts suit your theory. And most of the times they don’t.”

At press time, Bitcoin noted a fall over 6.71% over the past six hours and was traded at $11,671.29. The market cap of the coin was $207.60 billion as the 24-hour trading volume was noted to be $30.22 billion. The coin fell by 1.81% over the past day and reported 7.57% growth within the past week.

Source: ambcrypto.com