Friday, February 3, 2023
Forex Broker News
  • Home
  • Forex Broker Reviews
    • All
    • Preferred Brokers
    • Regulated Brokers
    • Unregulated Brokers

    VastWealth Review

    Stockscale Review

    Fibinex.io Review

    Homefx-Plus Review

    StockHome.io Review

    LegacyFX Review

    Crypto Dock Review

    City Index Review

    Forex.com Review

  • Broker Types
  • Forex & Fintech Jobs
  • News
No Result
View All Result
  • Home
  • Forex Broker Reviews
    • All
    • Preferred Brokers
    • Regulated Brokers
    • Unregulated Brokers

    VastWealth Review

    Stockscale Review

    Fibinex.io Review

    Homefx-Plus Review

    StockHome.io Review

    LegacyFX Review

    Crypto Dock Review

    City Index Review

    Forex.com Review

  • Broker Types
  • Forex & Fintech Jobs
  • News
No Result
View All Result
Forex Broker News
No Result
View All Result
Home News Forex Broker News fxpro

No Bitcoin Price Breakout for Another Year; Here’s Why

A zoomed out version of the bitcoin chart shows it would take the cryptocurrency another 365 days to achieve a full-fledged upside breakout. Brought to notice by Teddy Cleps, a prominent cryptocurrency analyst, the weekly Bitcoin chart shows the possibility of it forming a massive bullish pennant. In retrospective, a Pennant structure marks a pause in the price movement of an asset midway, followed by a strong breakout in the direction of the trend. However, if the formation lasts longer than four weeks, traders often start treating the Pennant as a symmetrical triangle.

Unlike Pennant, a Symmetric Triangle formation could give either of the two scenarios: a breakout or a breakdown. In the case of the latter, the price moves in the downside direction, with target equivalent to the height of the triangle. Should such a scenario takes place, bitcoin will fall to as low as $1,000. “What if the last run to 14k was just a lower high,” said Cleps. “If a massive pennant similar to the chart were to play out – it would take more or less 350+ days for a breakout/bull run.”

The biggest takeaway from Cleps’ pennant theory is the date of bitcoin’s next halving – an event that reduces the cryptocurrency’s supply rate by half. Bitcoin supporters think an additional scarcity would make the cryptocurrency more expensive based on its history following each halving date. The halving theory somewhat conflicts with that of Cleps. Ideally, the bitcoin price should surge exponentially after the next supply cut. Nevertheless, Cleps’ chat shows bitcoin swinging lower around May, the month in which the halving will take place. The analysts further belives that traders have already priced in the halving sentiment during bitcoin’s stupendous bull run this year. He tweeted: “I believe its already priced in – me, you and my grandma is aware of the halving! Unlike the previous one.”

No Bitcoin Price Breakout for Another Year; Here’s Why, NewsBTC, Oct 24

ADVERTISEMENT
Share196Tweet123ShareSend

Related Posts

fxpro

Ebay Wave Analysis – 18 December, 2019

November 4, 2022
fxpro

EURUSD Wave Analysis – 18 December, 2019

November 4, 2022
fxpro

Christmas and New Year Holiday Trading Schedule

November 4, 2022
fxpro

Bit-comment: Bitcoin bounced after the drop

November 4, 2022
fxpro

US Fed Official Says 50% of Bitcoin Transactions Associated With Illegal Activity

November 4, 2022
fxpro

NTGUSD Wave Analysis – 18 December, 2019

November 4, 2022

Select one of the Best Forex Brokers for your Trading  |  Read the Reviews

VastWealth Review

Stockscale Review

Fibinex.io Review

Homefx-Plus Review

StockHome.io Review

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money. forexbroker.news is an affiliated partner with various Forex brokers and may be compensated for referred Forex traders.

Risk Disclosure: Forexbroker.news assumes no liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and forex signals. Operations in the international foreign exchange market contain high levels of risk. Forex trading may not be suitable for all investors. speculating only the money you can afford to lose. Forexbroker.news remind you that the data contained in this website is not necessarily real-time and may not be accurate. All stock prices, indexes, futures are indicative and not appropriate for trading. Thus, Forexbroker.news assumes no responsibility for any trading losses you might incur as a result of using this data.You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Disclaimer: It is our organization's primary mission to provide reviews, commentary, and analysis that are unbiased and objective. While ForexBroker.News has some data verified by industry participants, it can vary from time to time. Operating as an online business, this site may be compensated through third party advertisers. Our receipt of such compensation shall not be construed as an endorsement or recommendation by ForexBroker.News, nor shall it bias our reviews, analysis, and opinions.

  • Privacy Policy
  • Contact US
  • Terms of use,

Copyright © 2020 forexbroker.news

No Result
View All Result
  • Home
  • Forex Broker Reviews
  • Broker Types
  • Forex & Fintech Jobs
  • News

© 2020 https://forexbroker.news - Forex Broker news & magazine