Bitcoin Analyst Sees “Accumulation Signals” as Price Eyes Breakout

2020 10 06 10.32.53 980x459

The Bitcoin price expects to grow higher in the coming sessions as a historically accurate indicator flashes signs of substantial accumulation. Spotted by TradingShot, an independent market analysis portal, the “on-chain smart money indicator” shows that influential traders/investors are buying Bitcoin en masse. That is happening despite the cryptocurrency’s inability to sustain above $12,000. It, therefore, indicates strong support at $10,000, a level Bitcoin has held since late July 2020. “This is a bullish sign for Q4,” wrote an analyst at TradingShot. “Price generally goes into a bullish trend [after finding] on-chain smart money accumulation.” Bitcoin chart setup, as presented by TradingShot. Source: He explained further by referring to a fractal from November 2018. Back then, when Bitcoin was trading at $6,000 but was on its way to hit $3,000, the smart money indicator started flashing accumulation signals. “While the BTC accumulated at 6k took an almost 50 percent…

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