Bitcoin, Ethereum continues upward trend; Signals end of bearish trend
As per the analysts, the average age of dollars has stopped rising for BTC and ETH which means that investors now can expect some movement in their wallets soon.
New Delhi: World’s most famous Bitcoin correlation with Ethereum has increased and signals suggest that the bearish trend is just about to end for the top cryptocurrencies. As per analysts, investors can expect a minor pullback but ahead from here, everything looks just green.
Mean dollar invested age is among one of the key indicators which give a signal of the end of a bearish period. This involves the average duration that dollars invested in crypto were held in an address without any movement.
Slowed down and inactivity in the movement of price are considered as negative signs for the crypto market. As per the analysts, the average age of dollars has stopped rising for BTC and ETH which means that investors now can expect some movement in their wallets soon.
Bitcoin jumped from $29,994 to $46,700 from July 20 to August 10 and this upward swing seems to come to the end as the Momentum Reversal Indicator has flashed a red ‘one’ sell signal of the 12-hour chart.
Willy Woo, an independent Bitcoin analyst, has presented several methods to calculate traders’ intentions by calculating the supply that is not available against the actual available supply.
He explains that long-term holder supply shock as the movement of the coins has not shown any movement in a long time. The mean dollar invested age suggests that ETH and BTC both are subjected to a long-term holder supply block. This can be seen as a bullish sign for the cryptocurrency market.
