Bitcoin, the poster boy for cryptocurrencies ended 2021 in a slump but has slowly been recovering and making progress. But as experts say it might head towards a bear trap in the next few months.
With many experts saying that it might be a low of $30k in the next few months there is a chance the recovery that it has made might go to waste. They say that recovery does not have the right fundamentals.
Also known as the Logarithmic Fractal growth model, it is a prediction model that relies on fractals. It bases its prediction of the price of BTC on past behaviour and historical price.
It in some ways predicts when there will be the best possibility to invest and buy more BTC. It gives you a good insight into the dip and whether or not you should buy the crypto at that point.
In 2018 and also 2020 the Ribbon Support model has been accurate on when the bear cycles of the coins will end. They use a range of moving averages and the trends that happen. With BTC correcting itself from the $69K mark ribbon support model suggests that right now the dip might be a bear trap.
Weekly Ribbon Resistance
The average ribbon indicator combined with the RSI values can give the trader a good idea as to when the coin will dip. It is done weekly and gives a great idea about the bearish and bullish momentum