Fans and investors of crypto coins will have to wait a long time for Bitcoin (BTC) to bounce back towards profit based on the arguments of some technical experts.
Currently BTC continues to experience a downtrend and is flat below the 200 -week moving average at around $ 22,600 and the 200 -day moving average at the $ 35,500 level.
The series, Valkyrie Investment stated that there is a possibility of a rebound but the timing is still unknown.
Bright Josh Olszewicz, there was one situation in the historical record where it flattened at around 200 weeks for 3 to 6 months before the price broke upwards.
Looking at the actual situation, BTC had experienced that situation between the end of 2018 and the beginning of 2019 for almost 3 months.
Olszewicz added that in a bad scenario, investors may have to wait for almost a year before a price breakout occurs again.
Meanwhile, several other technical indicators indicate various levels of potential support for BTC, ranging from $ 20,000 to $ 12,000.
ADM Investor Services International’s Head of Technical Analysis, Eddie Tofpik, feels there is a possibility that BTC is in 4 step down and 1 step up mode at the moment.
Additionally, Adamis Principle FX consultant Patrick Reid said BTC is heading towards moderate support between $ 19,500 and $ 20,000 based on the Fibonacci retracement.
