Magic number: should we expect growth of bitcoin on June 6?

In the next 12 hours the price of bitcoin may change, if the history of earlier surges in the cost of cryptocurrency again.

It is noteworthy that bitcoin had a tendency to a significant change in its price behavior on the sixth day of each month — at least this year.

In mid-December 2017 bitcoin reached almost $20 000, however, the cryptocurrency fell to $6 000 $ 6 Feb. Since the peak or minimum bitcoin reached it 5 or 6 each month, as evidenced by the chart:

The above graph of the prices (on Bitfinex) shows:

  • Bitcoin showed minimums of $6 000 on 6 February and $6 500 on April 6.

  • Highs $11 $ 700 and $990 9 $ was reached on March 5 and may 5 respectively.

  • The annual maximum is $17 252 was also installed 6 – in January.

It is obvious that the price reaches its peak or minimum sixth day of each month or in one of the neighboring days. At the moment bitcoin is trading at $7 613 — significantly below the last maximum value, which was recorded on may 6, and close to a trend line drawn between the previous lows. This suggests that the bulls are now on the lookout.

Based on historical patterns of behavior of bitcoin is the probability of a transition to growth in the course of today and perhaps tomorrow. In this case, bitcoin in accordance with the triangle (tapered shape on the chart) could grow to $9, 225.

However, to assert this with full confidence, as the top can take the bears — such precedents already happened many times previously. To say anything for sure at this volatile market is extremely reckless.

To say that «bulls» catch the reins, given the long bear market, it will be possible only when the traders will get more evidence of this trend. For example, if the price exceeds $9000, thus leaving the boundaries of the triangle shown above.

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