Bitcoin | Still in Downtrend But Fundamentals Are Bullish ..!!

Bitcoin (Technicals)

First of All, We're in Downtrend Since 24th June 2019 & Bitcoin is Moving inside the Descending Channel .

Now, It's Holding the Crucial Support (7.2k) & Now Breaking the Daily EMA21 (Key Resistance Since 9th November)

On the Other Hand, Tested the Key Support (6600) TWO TIMES & Recovered Quickly. (That Means, Bulls Are Strong at 6400-6600 Region)

Now According to VPVR, 7k Region Became a Strong Support & 7.8k is the Strong Resistance.

In Bearish Scenario, If 6.4k Support Broken then we Might Test Another Lower Low level (5800-6200)

Now What I'm Expecting & Why I'm Bullish on Bitcoin .!!

In My Point of View, Bitcoin Has Already Bottomed out & Once We Broke 7.8k Resistance, Channel Breakout Expected in Mid January 2020..

So Accumulate Bitcoin As Much as You Can & Hold it Tight For Your Future..!!


Let's Take a Look on Bitcoin Bullish Fundamentals

1- Transaction Volume

Bitcoin network moved more value in USD than ever before in 2019. That includes a spike above $500 billion one day in late July after a single trader unloaded 20,000 Bitcoin on the Bitfinex exchange.

The increasing number of USD moved through Bitcoin highlights the coin’s power and dominance, and shows why US regulators and banks — as well as those across the globe.


2- Transaction Count

Bitcoin network processed more transactions in 2019 than in any other year.

Their charts show that May 2019 was the busiest month ever for the coin with almost 12 million transactions; this beats out December 2017 — when the coin hit all time highs — and the network had just over 11 million transactions.

3- Hash rate

Bitcoin’s hash rate also continues to surge to new heights in spite of a reduction in Bitcoin price and, in turn, miner profitability.

Hash rate is a major indicator of the amount of computing power miners that are willing to dedicate to processing transactions.



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