Black Thursday: what will happen after the fall of Bitcoin?
Source:Bitcoin is not able to consolidate above the broken triangle on a 1 day chart and rushed down. However, buyers are still «protect» another key support level.
The Overall situation looks like this:
the-
the
- asset fell below the consolidation channel down to the level of the lower peaks of the triangle; the
- a new wave plum stop at 5800 dollars. In this zone, the cryptocurrency rebounded last time; the
- the possibility of a rebound still remains in force.
At the moment, Bitcoin is trading at $ 6272. For the past day coin lost 4.4 percent of value. At the same time the market has declined to the capitalization of 201 billion dollars. The dominance of Bitcoin is equivalent to 54 percent.
theWill there be a rebound?
Despite the current drain moving average 100 SMA is still above the 200 SMA, so hope to keep the support there. However, while moving averages are not indicative of a strong bearish or bullish trend, so trading the pair is likely to continue to consolidate.
Fall even lower will lead to a new wave drain, which stops already at around $ 4,500. On the other hand, a rebound from the previous year low will lead to a sharp increase.
Technical indicators point to a gradual extinction of the power sellers. Stochastic gradually enters into the oversold zone, indicating that the presence of bulls in the market. While the RSI signals a possible rollback.
image Source — NewsBTC
Perhaps some role in today's decline played a major transaction for 15,000 bitcoins from one of the mysterious purse. Some cryptoanalysis claim that the discharge occurred whale who has decided to withdraw all your cryptocurrency to Fiat.
Against the background of decrease in the value of Bitcoin affects not only investors, but also miners. Their profits greatly compared to the previous year due to correction of the stock market.
Chart Analysis of Bitcoin spent .
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