bitcoin overbought 12.08.17

a downturn a matter of time: Now its a question of duration and I suspect when you bitcoin mining without asic have such a massive bubble, youll always have an overhang of people who. This veteran crypto trader says that the bitcoin price is primed for another parabolic rally. Still, he cautioned that there was a chance that the market retests its December 2018 low (3,122 on Bistamp) before forming a so-called double bottom and shooting higher. Bitcoin, currently ranked #1 by market cap, is.49 over the past 24 hours.

Cover Photo by Bill Jelen on Unsplash. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. The worlds largest cryptocurrency climbed another 3 percent on Friday, mimicking the patterns that have in the past preceded multi-week downturns. Buying and trading cryptocurrencies should be considered a high-risk activity. After falling as low as 4,778 on Thursday, the bitcoin price is currently holding slightly below 5,000.

However, the crypto markets recent upward push has emboldened the bulls as well, and hopeful analysts pound the table on a variety of alternative technical metrics. Bull Case: Crypto Market on Verge of Parabolic Move. GTI Global Strength Indicator Warns About Bitcoins Massive Rally.