RATE Group | Bitcoin to Reach Bottom in Q2 of 2019, Bearish Short-Term
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Bitcoin to Reach Bottom in Q2 of 2019, Bearish Short-Term

19 Nov Bitcoin to Reach Bottom in Q2 of 2019, Bearish Short-Term

Posted at 00:02h in Bitcoin News by

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According to Willy Woo, a prominent cryptocurrency analyst and researcher, Bitcoin is expected to bottom out in the second quarter of 2019.

Throughout the past three months, since August, Bitcoin has remained in a tight range from $6,200 to $6,800, unable to break out of major resistance levels above the $6,800 mark apart from one occasion in mid-September.

Prediction Based on Fundamental Data, Not Price and Exchange Volume

The blockchain indicators of Woo, the founder of Woobull.com, show a bearish short-term trend for Bitcoin and the cryptocurrency space in general, which typically indicate a sell signal.

“This last reading of our blockchain and macro market indicators is still in play. What has changed is that NVTS has now broken its support, typically a sell signal,” said Woo, explaining that all of his indicators show a bearish trend. “All our blockchain indicators remain bearish. NVT, NVTS, MVRV, BNM, NVM. They are experimental but…

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