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.
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.
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.