Bitcoin Momentum Analysis: Comparing Historical Patterns and Current Adjustment Phase
Technical analyst Tony ‘The Bull’ Severino and Matrixport don give insight on Bitcoin current market phase. Severino dey warn make dem no compare Bitcoin present condition to 2017 bull run, dey note say the 1-month stochastic oscillator dey indicate resemblance to early 2018 bearish trend, dey suggest say significant correction fit happen. Bitcoin dey hold between $81,000 and $84,500 but risk dey enter corrective phase instead of say e go repeat bullish trend. Meanwhile, Matrixport report reveal say even though Bitcoin traditionally dey rebound at 15% stochastic index level, e dey currently remain at 25%, dey signal say the market fit no dey ready for rebound. This one dey come amid cautious market sentiment sake of conflicting geopolitical negotiations and no clear support signal from Treasury and Federal Reserve amid 20% U.S. stock market correction. Traders suppose dey cautious and fit need wait for market condition wey favour them before.
Bearish
Tony 'The Bull' Severino and Matrixport analyses dey suggest make people dey shine eye for Bitcoin. Di stochastic indicators and market comparison to how market bin be before show say e fit get big correction, instead of bullish rally wey go happen again. On top of dat, current wahala wey dey ground for different countries and lack of financial signals wey dey support am dey make market dey fear. Traders suppose dey careful make dem no dey expect rebound soon, because historical rebounds usually dey align with stochastic level wey dey lower than 25%.