E-Chat Is Preparing for a Bull Market Trend: Both Popularity and the Price Are Increasing
E-CHAT messenger actively conquers the Chinese market. The 30% increase in the number of users during the last quarter was excellent support for its cost. February 23rd, the price of the token rose by 26%, which is great news and well-deserved recognition.
The crypto project team establishes business relations with Asian and European companies. The number of downloads in China is growing. We are trying to offer our users the best and most accessible way of communication, entertainment, and financial transactions.
In anticipation of a bull rally of Bitcoin, we expect our project to go uphill with the entire market. Why are we so sure? To date, there are many prerequisites for the development of the bull trend.
Increase in the price of Bitcoin will start in the second half of 2019, which is indicated by many experts. Thus, a popular online user under the nickname “Galaxy” is among them. He does not make loud statements, as well as he does not threaten to self-harm (hi McAfee), but simply states that the new rally of Bitcoin will begin no earlier than the second half of 2019.
What does it mean?
The same things are happening as last year. Despite the victorious procession of cryptocurrencies at the end of 2017, 2018 was very tense. The main problem was the reporting tax period.
In 2019, taxpayers will have to pay for income received in 2018. Even if it was not super-profitable, Bitcoin was more than $6,000 for most of the year, and now it is almost 50% cheaper.
Thus, the current income from trading and mining will not be enough to pay taxes and make a profit. In such conditions, one can hardly expect an increase in the value of Bitcoin. Another bell from the past, confirming the Galaxy's prediction, is the complete similarity of Bitcoin price charts to the indicators of 2014. At that time, the duration of the bearish market was 420 days or 60 weekly candles.
When the RSI fell to the bottom, the accumulation period of about six months started. By the end of 2015, a small upturn began, which gradually grew into a bull market, which lasted 826 days.
Considering the current situation under the prism of what happened in 2014-2016, it should be noted that the period of the bearish market is coming to an end since the price of Bitcoin has already decreased more than 400 days ago.
When the bottom is reached, a new rise will begin, as it was indirectly confirmed by the RSI indicator, which has risen (for the first time since 2015) from its lower boundary. Almost 400 days have passed since Bitcoin became cheaper, which corresponds to the bearish period in 2014. So we are waiting for a fast rise, as in 2016-2017.