The currency market is about to move, like a 2000% explosion at the end of 2017

What Bitcoin Looked Like Before Its 2017 Rise

From a macro perspective, Bitcoin is still in consolidation mode. Over the past year, the cryptocurrency has made a series of lower highs and higher lows as prices have tightened. Some people believe that this integration of Bitcoin will solve the current headwinds. But a recent analysis by the digital asset manager found that bitcoin looks almost the same as it did before its 2,000% rally in 2017. (V:BTCGOD22)

What Bitcoin Looked Like Before Its 2017 Rise

There are two similarities:

Bitcoin is consolidating below the macro trendline formed by cycle highs;

The halving occurs when the price tries to break above the trendline.

And just in case history rhymes, Bitcoin will soon break out of the trend line, and then bring a full-blown bull market.

As previously reported by Bitcoinist, a crucial signal appeared on Bitcoin’s charts just this weekend: the word “buy” appeared on HashRibbons.

HashRibbons is an indicator that shows the trend of the Bitcoin hash rate and the health of the Bitcoin mining ecosystem by quantifying the relative growth rate of the hash rate. As the chart below shows, whenever a signal is formed, the cryptocurrency starts a strong rally.

This week is expected to face a period of volatility as Bitcoin becomes more dependent on macro fundamentals. Gains on the S&P 500 and the next fiscal stimulus bill are the most influential catalysts that could drive down the price of Bitcoin. However, based on technical factors, Bitcoin may maintain its yearly bullish bias.

Bitcoin mining difficulty may rise again    

On July 13th, the difficulty of Bitcoin mining is expected to rise again. V:BTCGOD22 According to the data of BTC.com, it is estimated that it will increase by about 8%. If more computing power is connected to the network before the difficulty adjustment, visual estimation There will be more. The last time the difficulty was adjusted on June 17, the difficulty was raised by nearly 15%, which was a moment when the difficulty of a small number of digits changed greatly. Many people lamented that Bitcoin mining is getting more and more difficult.

The difficulty of mining is rising, what are the mining circles paying attention to

Since the opening of Fengshui at the end of May, after Fengshui’s direct power supply computing power was connected, the computing power and difficulty of the entire network are basically on the rise. However, the group part of the mining circle is still dominated by advertisements, and there are few discussions. Some of the advertisements of IPFS/Filecoin, the only ones that can arouse discussions are graphics card mining and the infighting among mining companies.

"Bitcoin Review Today"

Judging from the daily chart, Bitcoin rose in volume yesterday, and the daily line reported a small positive line. For four consecutive trading days, the price has hovered around $9,290. Recently, it has been mentioned that $9,290 will become an important watershed for Bitcoin. The current market is in a narrow range, and the direction has not yet come out. According to the unknown third-line strategy, yesterday’s closing price was higher than the highest price of the previous trading day, indicating that today is a bullish trend, and it is advisable to do more on dips.

Looking at the four-hour level chart, the Bollinger Bands are in an open posture. The currency price has continued to rise from 9158 below the lower track at 3 o'clock in the morning and now it has reached the middle and upper track of the Bollinger Band. The golden cross is running, the 5-day moving average and the 10-day moving average are also diverging upwards and are approaching the current currency price. Although the KDJ Jincha is running upwards as a whole, the D line is slowly approaching the K line, and there is a dead fork in the latter Mixed run trends. The current market is still relatively bullish, but today's market is still dominated by shocks and upwards. In terms of operation, it is recommended to go short at high positions and long at low positions.