HomeTodays NewsBitcoin surges by ~7% in under an hour; Has the rally finished correcting?
Bitcoin surges by ~7% in under an hour; Has the rally finished correcting?
May 19, 2019
Bitcoin’s price rally in a parabolic curve led most of the community to believe that this was the bull rally, however, the correction of this surge was due, which began on May 16.
The correction wave, as expected by many prominent traders was approximately 30-40%, which would put the price of Bitcoin $5,000 to $5,800. However, the correction seems to have finished as the price of Bitcoin surged by more than 7% in less than an hour.
The market cap of Bitcoin, at press time, was $136 billion and most the volume for Bitcoin was coming from BitMEX exchange via trading BTC/USD derivatives. BitMEX contributed a total of $3.38 billion in terms of trading volume, which is 12% of the total trading volume.
A Twitter user @DoveyWan suggested a head and shoulder pattern for Bitcoin: