More Buying Slots Ahead Even as Bitcoin Hits Record High: Analyst

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Bitcoin has become too expensive to purchase following its wild run-up above $37,500 this Thursday. But the cryptocurrency still provides attractive buying opportunities with lower risk profiles. Investment consultants at TradingShot provided a fractal-based outlook of Bitcoin’s previous parabolic move in 2017 and the price corrections that appeared during the period. They spotted buying patterns around certain technical support levels—provided by a group of moving average waves—that sent prices to new highs after each retest. Bitcoin Fractals In retrospect, Bitcoin corrected by 30 percent four times, 20 percent three times, 18 percent two times, and 40 percent one time during its bull run in 2017. Meanwhile, the cryptocurrency resumed its uptrend thrice after testing its 100-day moving average and twice after reaching the 50-day moving average. Bitcoin’s 2017 bull run showed a sequence of upside and pullbacks. Source: BTCUD on TradingView.com TradingSpot strategists pitted the 2017 bull run against the…

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