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Market data is provided by the HitBTC exchange.
Since 2013, Bitcoin has seen a sharp rally in the last quarter of every year, barring 2014. In 2013, the rise was 486.74 percent, in 2014, the leading cryptocurrency declined marginally by 16.69 percent. In 2015, the gain was 81.24 percent, while in 2016 the rally returned 58.17 percent. In 2017, the up move rewarded investors with a gain of 215.28 percent.
To quote Mark Twain, “History doesn’t repeat itself, but it often rhymes.” As traders, we respect the seasonal trends, therefore, we will be on the lookout for buying opportunities in the last quarter of this year. Of course, we won’t take a trade until we see a reliable buy setup.
The fundamentals of the sector continue to improve with large brokerages, banks, and nations coming forward to encourage blockchain technology and cryptocurrencies. Barring any adverse news, the trajectory should be higher in the next three months. So, which digital currencies are signaling a change in trend? Let’s find out.
We assume that traders who follow us will have initiated long positions in the range of $6,600–$6,750, as suggested in the previous analysis. The pullback in Bitcoin stalled at $6,831.99 on September 18.
Currently, the BTC/USD pair has corrected back to the support level of $6583.46. Both moving averages are located at this level, so this becomes a critical support to watch.