An analyst found that major downturns tend to be healthy for the overall bitcoin price trend. Another analyst explains that 2019 may be a good year for BTC. | Source: Shutterstock
Many armchair traders are so focused on the short-term price movement of bitcoin that they forget to look at the big picture. For instance, the widely-followed analyst cryptoamd is expecting the dominant cryptocurrency to dump below $10,000 and then be tapping resistance of $10,500. That’s the trader’s short-term view on the digital asset.
— cryptoamd (@cryptoamd) September 7, 2019
It is easy to get lost in short-term price action. However, some traders are resisting the lure of quick money by looking at the longer time frame. One analyst carrying a pseudonymous name “Nunya Bizniz” shared an interesting bitcoin trend on Twitter. It appears that the dominant cryptocurrency has always put together a massive rally following a predictable pattern.
Major Pullbacks Tend to Be Healthy for the Uptrend
Analyst Nunya Bizniz looked at the bitcoin weekly chart and pointed out instances where the cryptocurrency had three or more consecutive red weekly candles within an uptrend.
Occasions where Bitcoin had 3+ consecutive negative weeks within a bull trend. pic.twitter.com/tthihB64Rf
— Nunya Bizniz (@Pladizow) September 3, 2019
In the chart attached to the tweet, you will see how bitcoin rallied higher after a significant correction in the form of three or more weekly candles. Take note, the trend is only applicable whenever the king of cryptocurrencies is uptrending.
In addition, Nunya Bizniz appears to have only covered the price action of 2017 to 2019.