Are we going way up or way down?

We have not seen it in a long time a really positive day for crypto, but Wednesday the 12 it was there. Coins went up like on the end of December. Bitcoin went from 6.200 dollars to 6.550 and Ethereum saw a price rise of 20%. 

Unfortunately, everything comes to an end and even now the crypto market has calmed down again. For example, we see that the mega price increases of as much as 20% have already fallen in the top 10 to around 3%. Still it is a fact that most people continue to see Bitcoin as the leader of cryptocurrency. Bitcoin has remained above $ 6000 since February and has reached its monthly high again at the end of August.

 

Still, after this Bitcoin fell back to its famous $6000 mark, but is now following a quiet increase again. Despite the many announcements of new crypto investment banks and big investors who still want to step into the crypto world, Bitcoin is not able to get off the ground.

 

Nevertheless the positive news remains, Bloomberg analysts Olga Kharif and Kenneth Saxton say that there are good indications that there is a price correction coming. They mainly focus on the Williams % R indicator. This is a measurement between the oversold and overbought level. The indicator moves between 0 and -100 and currently Bitcoin is at -80.

 

Enough evidence that a big price increase is coming, you would say but nothing is certain. Saxton and Kharif say that the indicator sometimes has the tendency to go wrong and for that reason must be used in combination with another analysis, the outcome of this was not so positive. This indicated that Bitcoin will exceed $ 7,136 at most and will probably continue to follow the downward trend.