Bitcoin Fisher Transform Reaches Critical Level Not Seen Since 2021, What This Means
21 Fevereiro 2024 - 8:00PM
NEWSBTC
The Bitcoin price has had a rocky start to the new week after
losing its footing above $52,000 on Tuesday. However, all hope is
not lost, as indicators still point to a continuation of this
trend. Crypto analyst Tony The Bull has identified an important
trend in the Bitcoin chart which could trigger a continuation of
the trend back above $52,000. Bitcoin 1-Week Fisher Transform At
Crucial Point In an analysis posted on X (formerly Twitter), the
crypto analyst shared a chart that showed the Bitcoin Fisher
Transform in comparison to price. Most importantly, the chart
showed the 1-week Fisher Transform and how it has moved since 2017.
Related Reading: Finance Expert Drops Grim Prediction For US
Economy, Says Bitcoin Is The ‘Parachute’ The analysis shows some
similarities between the current trend and the trends seen in 2017.
A similar trend was also seen in 2019 and 2021, where the Fisher
Transform rose rapidly before falling. But the importance of this
trend lies in where the Fisher Transform heads next from here. The
current important level is the 1.5 Standard Deviation, which has
been a crucial point whenever this trend has occurred. Now, if the
Fisher Transform is able to stay above this level, it is bullish
for the price. However if it falls below this standard deviation,
it is very bearish for the price. Source: Tony The Bull on X “This
is a pivotal area based on historical price action and its
exhibiting 2017-like behavior not seen in 2019 or 2021,” the crypto
analyst explains. “Below it tends to incite bearish trends, while
holding above gives bulls extra vigor.” BTC price at $51,100 |
Source: BTCUSD on Tradingview.com Bears And Bulls Vie For Control
Over BTC Price The interest in the next direction of the Bitcoin
price has seen bulls and bears lock horns over which camp will
reclaim control of BTC. This has seen the price of the digital
asset fluctuate wildly over the last few days, going from $53,000
to below $51,000, before bouncing back up once again in the early
hours of Wednesday. Related Reading: Dogecoin Adoption Explodes In
Stunning Move, Can DOGE Chart A Path To $0.2? This tug-of-war
continues to hold the price of Bitcoin down, but investor sentiment
seems to be climbing even through this. According to the Bitcoin
Fear & Greed Index, investor sentiment has reached Extreme
Greed for the first time in one year. Historically, the index going
into extreme greed has signaled the top of the market, with prices
trending downward not too long after. However, Bitcoin is still
seeing positive indicators, with its trading volume rising more
than 40% in the last 24 hours alone. Follow Best Owie on X
(formerly Twitter) for market insights, updates, and the occasional
funny tweet… Featured image from Freepik, chart from
TradingView.com
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