Since its highest achievement of $69,000 from the month of November up to its current 70% downfall, the leading crypto currency Bitcoin (BTC) value has been reduced drastically. Though it does recover partly over the next few days ($20,000), it went down as low as $17,592 till 18 June. As per CoinMarketCap data, the price of Bitcoin was reduced by 1.95% i.e., $21,343, when compared with the data of a day ago.
Suggestions are being made that Bitcoin is near its bear-market low. Glassnode, the on-chain analytics industry made a statement in a commentary at the weekend saying that currently historical rules and status cover “this” bear market firmly.
Regardless of the fact that Bitcoin and other altcoins may be lacking behind, these indicators mark the fact that the latest decrease in Bitcoin’s value may have shown its effect.
The TD sequential technical indicator, also called DeMark, specifies that most of the Bitcoin sell-off is complete beforehand. To find out whether an industry trend has advanced, the facts use a counting technique to go through chart patterns. With reference to the DeMark indicator, Bitcoin is done printing the total 13 drawbacks, which may reveal that a turnabout is fast approaching.
Another method called linear regression channel aims to find out unforeseen departures analytically through a sequence that approximates the price alteration pattern of bitcoin almost exactly. At present, bitcoin has gone down to three standard deviations below an upward-sloping regression line starting from the decrease of December 2018, which turned out to be highly unpredictable.
The third one, a momentum indicator, is a relative strength index, which claims that Bitcoin’s sell-off can be taken as assured of a break. Presently, the indicator is at its minimum level possible since its time from 2010 and has occupied a place in the “oversold” zone below 30 per week. Experts observed that there was a powerful relief rally in 2018 followed by when Bitcoin was in the “oversold” area, the very last time.
Gargi Sinha is working as Senior Journalist at Confea. She has completed her Masters in Journalism from Delhi University. She has interest in crypto and blockchain technology.