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: TradingView.com 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…

Read the original article here

IF YOU LIKED THIS ARTICLE CLICK SHARE