In the Bitcoin analysis published on Bloomberg, it was stated that the selling pressure may be about to end. In the analysis written by Akshay Chinchalkar, the Demark Squential indicator was used to help us find trend reversals.
Chinchalkar stated that Bitcoin may be about to rise again, and used the following statements:
“Bitcoin has been dropping between $51,000 and $45,000 for about a month. But it may be about to rise again.
Bitcoin’s 30-day volatility is at its lowest since September, and bears are showing signs of exhaustion in the short-term area.
While the Demark Sequential indicator points to the 9-13-9 pattern, which is a strong buy signal, we see that the June-November rally of Bitcoin is above the 61.8% fibonacci support. It is held at our previous Demark support at $43,295 and $44,500.”
Shared by the analyst in a chart showing the 9-13-9 pattern forming in the Demark signal system.
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