Analyst: After the high at the close of the monthly candle, Bitcoin usually rises by 700-1000%
Bitcoin rolled back last week, but everything still ready to set a record at the close of the monthly candle. 26 November the price dropped to $ 16,242, freeing the market from surplus margin positions. Since cryptocurrency won back more than half of the fall and at the time of publication traded above $ 18,600. This value significantly exceeds the previous maximum at the close of the monthly candle, recorded on December 31, 2017 on around $ 13,880.
Some analysts believe that today’s closure can predetermine further direction market. “Every time bitcoin closed above the previous monthly high, it followed ascending trend for 700 – 1 000% “, Says analyst Josh Rager.
In April 2017 bitcoin climbed 27%, surpassing the previous record monthly candle of November 2013 of the year with a value of $ 1,150. After of this the price has gone up in a few months before $ 20,000. A similar situation was observed in January and October 2013.
Su Zhu Co-Founder of Three Arrows Capital declares, what’s the next goal for rise of bitcoin is an mark $ 36,000. It corresponds strike price of the largest volume active positions for bitcoin options exchanges Deribit.