Carlos Duat, CEO of the Crypto Digital Group firm, shared an analysis on the price of bitcoin, with Cointelegraph in Spanish. Among other things, he substantiated why he believes the BTC price is at the starting point of a rally.
First invited to see the following main picture:
“In this Bitstamp chart, which is currently the one with the most history, we can see how as the price of BTC continues to rise, the volumes decrease, but we see periods of more movement or similar movement during the historical trajectory,” he remarked.
“This informs us in which moments we have had more volume movement (purchases/sales) / interest. Here I want to point out one thing, if for example we compare this graph of Bitstamp vs Binance, we can see a big difference in volumes”, he clarified.
Bitstamp
Binance
He then asked himself: “Is the volume we receive from the exchanges we operate really reliable?”
And he replied: “My answer is no. It is not totally reliable since the only reliable information that we can obtain from exchanges is that of a DEX. That said, it should also be clarified that Binance is the TOP 1 with a daily volume of $15,969,128,081 and Bitstamp $242,375,053, so I consider that in terms of volumes it is better to take Binance into account, regardless of whether it is 100% real or not. has more movement and the one that can be the most real of all “
Once this was clarified, he invited to see a “Fibo retracement, an important rebound point within the Fibo, it touched oxygen and now it is on the way to retest again, but with currently low volumes”.
Falling wedge formation
Duat continued: “Considering the RSI, on this chart we have a Falling Wedge formation, technically a trend continuation figure as it usually appears on price oxygenations.” And he added: “In this case we are looking at the market strength and its direction, so it is interesting and it should break to the upside with the targets that I show you on the chart. We have a major line on that breakout, which is that white line where my confirmation CLICK for the BTC trend reversal will be. For me we are in that phase, I do not see the 13k, I do not see the 16k nor do I see those scenarios even though the planet is in open war and high inflation”.
Another idea is the BTC/USD graph in logarithmic mode. About this he expressed: “It shows us those BTC setbacks in its history against that trend line, that support respected since April 2013. If you look at when it touched the line, for example in 2015, we had similar volumes. That means that in this image we are only missing volume and that volume can come in at any time.”
“Another issue to consider is the DYX, an index that measures the strength of the USD against other currencies,” he said.
“Currently it is at its highs and in a resistance zone, normally with the corrections it has helped the rises of BTC, and with the rises to the corrections of BTC, it is logical since those who are currently in $ could begin to position themselves in different assets. Including BTC you have to remember that we analyze BTC against the USD”, he added.
conclusion
To conclude, he remarked: “I think we have many positive indicators regarding BTC, although the global situation is not the most appropriate. There are still massive purchases of BTC by strong companies. I believe that many retail users remain convinced of more corrections, more falls and much lower supports”.
“I think that throwing BTC into the air at 14k without more is really crazy and that the analyzes are carried out step by step. My opinion is positive, I think we are at the starting point of a rise in BTC and logically I do not have the crystal ball, but I am going to prepare myself for both scenarios although I maintain my bullish idea above all, “he concluded.
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