It's very bad: where will the Bitcoin price in the coming days?
Source:
After the rapid fall to the main level of support for the Bitcoin price managed to bounce a $ 400 up. If it was the standard local correction? Some analysts believe that the incident involved a Tether. About it writes .
theWhat will happen with Bitcoin
Many traders believe that the exchange rate of Bitcoin and altcoins manipulate major stock exchanges and whales. Main «tool» manipulation is considered a coin pegged to the dollar. It is noteworthy that the last large green candle on the chart cryptocurrency transaction coincides with the 50 million USDT accounts on Bitfinex.
Now bearish trend mercilessly «shakes» all those who bought Bitcoin at higher prices. While the chart on cryptocurrency shows no indication of strength of bulls there is a possibility of a fall to new support levels. Let us consider in detail the situation in several time periods.
thethe 4-hour chart
Despite the notable rebound, the Bitcoin is still trading inside the descending channel. Yesterday's spurt for a short time broke below the 20-day moving average line, but now the cryptocurrency fell back to their previous level of support.
The Bulls continue to buy the asset in the area of $ 6,100, but the overall picture still indicates a new drop. Now Bitcoin could a few days trading in a small canal.
theWeekly graph
Level $ 6,000 continues to be good support. A drop below will focus only on the 5750 and 4600 dollars. Breaking resistance at 6800 and 7000 dollars could inspire the bulls to a local uptrend. However, while this outcome is unlikely.
Trading Volumes indicate a significant pressure from the bears. Technical indicators also point to a possible update of the annual minimum price of cryptocurrency.
Output is to open long positions only after breaking through the level of $ 7,000. While it is better to short sell or hedge the dollar.
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