Bitcoin is about to break out?
On August 13th, a cryptocurrency technician shared a table showing the macro price action of Bitcoin in relation to the metrics “moving profits” and “moving losses”. These two on-chain metrics show whether Bitcoin transactions were made in profit, net sales or loss on a given day / period. The website says: “Moving Profits and Loss (MPL) shows the profits and losses of Bitcoins that are made on a given day, i.e. H. It shows whether people are cashing out profits or panicking to sell to make a loss. Only bitcoins older than 1 hour are considered and a 14 day moving average is also applied to smooth the signal. ”
According to the tech, the fact is that the red line is “moving losses” which is a sign that Bitcoin has found a local bottom and may move higher. The tech also says he anticipates Bitcoin will climb to $ 13,000 in the near future.
“We still have a lot of liquidity. And the monthly support is still support. In the short term, I think 11900 is possible. But as you know, I’m still aiming for 13,000 in the medium term. Let’s see how much we can get. “
Ethereum is already one step ahead of Bitcoin. ETH is up 10 percent in the past 24 hours, outperforming Bitcoin. Many assume that Bitcoin will continue to grow in the coming days.