• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Why Bitcoin is Perfectly on Track for Parabolic Cycle Despite 50% Drop

Cole Petersen by Cole Petersen
1 year ago
in Bitcoin, Cryptocurrency news
Reading Time: 2min read
Bitcoin BTC
Advertisement

Bitcoin experienced a sharp and sudden drop earlier this morning that led the crypto as low as $6,400, and its reaction to this level has provided some much-needed validation for embattled bulls who feared that BTC would experience significantly further losses.

Much to the chagrin of bears, analysts are noting that Bitcoin may be positioned for further gains in the near-term, as its parabolic trend cycle has still remained firmly in tact despite the recent bearish price action experienced by the cryptocurrency.

Bitcoin Posts Strong Bounce After Tapping $6,400

At the time of writing, Bitcoin is trading down marginally at is current price of $6,820, which marks a massive climb from its daily lows of $6,400 that were set earlier this morning.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

BTC’s strong reaction to this price signals that it is a critical support level for the cryptocurrency, and its ability to post a strong a decisive reaction to this level points to the possibility that there may be some underlying strength amongst the crypto’s bulls.

Because of this bullish reaction, analysts are noting that they believe that the crypto’s recent lows could mark a long-term bottom.

Scott Melker – also known as the Wolf of All Streets – told his nearly 60k Twitter followers in a recent tweet that he is “fully deployed” in BTC, with an average entry of $6,550.

“$BTC Trading account now fully deployed in Bitcoin, average entry $6,550. Potential bullish divergences on every time frame below weekly with oversold RSI daily and below. Potential SFP below 2 previous swing lows (blue lines),” he noted while pointing to the chart seen below.

$BTC

(1) Trading account now fully deployed in Bitcoin, average entry $6,550. Potential bullish divergences on every time frame below weekly with oversold RSI daily and below. Potential SFP below 2 previous swing lows (blue lines). pic.twitter.com/Ld3NVL3W3v

— The Wolf Of All Streets (@scottmelker) December 18, 2019

BTC Parabolic Trend Channel Holds Strong, Which is a Good Thing for Bulls

Dave the Wave, a prominent cryptocurrency analyst on Twitter, explained in a recent tweet that Bitcoin’s logarithmic growth curve has been maintained in spite of the recent downtrend, signaling that BTC may soon see a major uptrend.

“Two years since the peak, and price is right where it should be according to the logarithmic growth curve. Gaussian Channel in the medium term – bullish,” he said while pointing to the growth channels below.

Two years since the peak, and price is right where it should be according to the logarithmic growth curve. Gaussian Channel in the medium term – bullish. pic.twitter.com/uWdbcLkru4

— dave the wave (@davthewave) December 18, 2019

Although Bitcoin remains in somewhat precarious territory due to its current position directly at the key macro uptrend support line seen in the above chart, bull’s strong defense of this level points to the possibility that BTC will continue to hold above it, which could mean significantly further upside is imminent.

Featured image from Shutterstock.
Tags: bitcoinbtccrypto
TweetShare16
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Bitcoin BTC BTCUSD

How An Ex-CIA Director Proved Bitcoin Use in Crime is Declining

8 hours ago
Ripple XRP XRPUSDT

XRP Above $2? Why DeFi Integration Could Be Game Changer

9 hours ago
Binance Coin Coinbase IPO

Coinbase Listing Sends Binance Coin (BNB), Exchange Tokens Soaring

10 hours ago
Bitcoin BTC BTCUSD

Bitcoin Funding Flips Bullish, But Are Liquidations Imminent?

11 hours ago
legal challenges

What Are the Legal Challenges That Crypto Faces and the Way Out?

11 hours ago
Fed Chair Says Still “Working on” Digital Dollar as China Pulls Ahead

Fed Chair Says Still “Working on” Digital Dollar as China Pulls Ahead

14 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
Bybit

Bybit

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Top ICOs

Student Coin

Student Coin

Review · Visit

Token sale

Holdefi

Holdefi

Review · Visit

Press Releases

Polkadex IDO Launches On Polkastarter on the 16th of April

April 13, 2021

Fast-Growing Exchange Bityard to Launch Its First Contest for Global Traders

April 13, 2021

Regtank Shortlisted As Finalist for Asia Fintech Awards 2021

April 13, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Invest BTC
  • Join STC ICO

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.