Bitcoin, the largest cryptocurrency in the world took most alts on a ride, with constant rising and falling prices. Bitcoin’s fall has now been calculated to be of 17.28% over the past two days and the coin has made several efforts to recover. However, the traders and analysts are split about the upcoming trend of the king coin.
Tone Vays, a prominent Bitcoin proponent analyzed the Charts to identify the ramifications of the current pattern and whether or not a 40 to 50% correction is underway. Vays laid out various charts to identify the nature of the king coin’s market. Vays used TD sequential indicator which is an exhaustion cycle indicator that identifies trend reversal using exhaustion points numbered 1-9 with 9 being the potential exhaustion point and reversal of a trend.
The weekly chart, according to Vays, in its current form indicates a bullish market. He also noted that there were higher possibilities of new highs forming from this point.
The daily chart is yet to form the ninth point in the cycle, which might cause worry as it would be indicative of trend reversal, but Vays asked the community to not worry about it too much. The ninth point might reverse the on-going trend. Read More at AMBCrypto...