This may seem premature as we are still in the shadow of up to $ 9,000 at the time of publication. But the whole point, according to Reiger, is the importance of a checkpoint (POC).
POINT OF CONTROL ACTS AS BITCOIN PRICE SUPPORT
The control point (POC) is quite simply defined as the level of prices for bitcoins with the highest turnover for a given period of time.
Consider the period from November 2017 to November 2018, which covered bitcoin’s current all-time high (ATH) price, along with the majority of the rally which took it there, and the breakdown which followed.
The POC for this period was $6,400.
Photo posted in Twitter by Josh Rager
As Rager points out, this $6,400 POC held as support during the breakdown following bitcoin’s mid-2019 price rally.
AS BEFORE, SO IT SHALL BE
Rager will look at the period of 2019 from June to September, covering this 2019 year medium rally. POC during this period was 10 100 dollars.
Reiger believes that once he has overcome this level, he should act as support, as in 2018. This means that it doesn't matter that we haven't beaten $ 9k. Once we do that and lose $ 10,000, we should not look back. And when it succeeds, the next time it is split into five digits, it should be on its way to the new ATH.
NOT THERE YET
Before we get to the ball, we first need to restore five numbers.
According to Bitcoinist, Reiger himself said that the price level in bitcoins is $ 9,400, which supported this 2019. June - September Rally will be an important area for breakthrough.
If bitcoin price gains continue at the current rate, we may find ourselves there within the next week. Perhaps then we will see if we can shake the January blues for the entire month.