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The “purchase” of the retail tape – a significant signal in the dynamics of the Bitcoin Network – is again believed, and the technical astronomer believes, and it is believed that this can pave the way for at least $ 170,000 per currency. The scheme posted by the analyst X on June 12 draws each insertion of a weekly retail bar at the time specified since 2020 on the BTC/USDT permanent contract in Binance, showing the reason why the signal is treated with almost a reluctant respect by some quantitative merchants.
Bitcoin’s height to $ 170,000 imminent?
The drawing shows five previous incidents of the intersection integrated in the retail barrier. Each of them is distinguished on the price portion by the blue “purchase” point directly below the weekly candles and is linked to the gathering that followed through the purple measurement arrow.
After referring in late 2012, Bitcoin accelerated 235 % of the $ 18,000 monotheistic hall to challenge the region, all of which exceeds at that time just more than $ 60,000 before any major blow was revealed. The tape event in mid-2011 has proven to be more modest-about 59 % of a base of $ 30,000 to resistance near $ 48,000-and how it still respects Al Qaeda that the market is equivalent to intersection with the large upward trend.
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The following signals, which were printed in late 2012 and early 2013, were much stronger: an increase of 260 % of the surrender basin of less than $ 18,000, followed by 175 % in mid -2013, which carried the price clean to a long -term supply shelf in the $ 60,000 region. In mid -2014, the retail signal signal 100 % of 100,000 dollars.
Recently, the ribbon has again crossed three weeks ago, with Bitcoin quoted about $ 105,000 in weekly closure. The analyst suspends the current price at 106,873 dollars and pulls a new horizontal barrier at a range ranging from 160,000-165,000 dollars-the level that will be in line with the average post-signal progress volume. If the market is just to match the smallest historical centenary (≈ 60 %) of the current intersection, the spot will extend to an area worth $ 170,000 referred to in Qarmazi on the graph.
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Hash Ribbon Logic is mechanical. When the moving average is climbed for 30 days to divide the network over an average of 60 days after a period of mining workers surrender, observers on the series read it as a coercive noise that has exhausted forced sale pressure. In the past, this transition coincided with the accumulation of the visible aggressive spot on the chain and in the mode of derivatives.
Smoothing will notice that the link is not causal and that a six -numbers for Bitcoin are already baking in ETF flows, the shock of the half -width that waves on the horizon and a global liquidity cycle that can be tightened yet. However, the Zero astronomy chart emphasizes an objective fact: in the last half of the decade, it has never been a “purchase” tape. Whether the history rhythm is repeated or just rhymes, traders are monitoring a level of $ 170,000 on the graph as the following test of this record.
At the time of the press, BTC has decreased by 3.1 % over the past 24 hours, trading at $ 104,898.
Distinctive image created with Dall.e, Chart from TradingView.com
The post Bitcoin’s Most Reliable Signal Just Flashed—Next Stop: $170,000 first appeared on Investorempires.com.
