Bitcoin price falls below 8,000 US brand – what’s next?
Home News Bitcoin price falls below 8,000 US brand – what’s next?
Marcus Misiak –
After Bitcoin was yesterday traded over 8,500 US dollars, has had to contend with the leading crypto-currency today, tomorrow is a new setback.
For the second Time within a week the BTC price has fallen significantly. The price crashed this morning at around 7% to 7.930 US Dollar. The entire market capitalization of the crypto market has fallen by nearly 25 billion dollars, of around 277 billion to $ 252 billion dollars within a couple of hours. The Altcoins have suffered (as always) an even more significant setback. Bitcoin Cash (-11 %), EOS (-11 %), Litecoin (-10 %), Cardano (-10 %), Tron (-10 %) and NEO (-10%) are currently experiencing double-digit losses. The gains of the past week were wiped out in a few hours.
Also of concern is that the market volume is greatly decreased, which means that the bulls are ready to push the market upwards, which is interpreted as a sign of indecision. But even more important is that the weekly candle had taken the Form of a Doji, a special Chart pattern, which is characterized by a thin body (a similar Opening and closing price), and long wicks, which means that Bitcoin has traded in a large area. Dojis can often mean the end of a trend. This analysis proved to be correct, surprisingly.
While some are convinced that it is a temporary “Reverse Beard”, which means that the BTC could soon recover to above, has led to this sudden collapse, a number of analysts to a declining (or at least cautiously optimistic) mood.
Traders and analysts keep the level of 8,200 USD for another bullish Momentum is crucial. Each closing price is below this level, would likely lead to a decline back to the support of 7,000 USD. The expert Josh Rager has found that the huge increase in Volume could lead to a quick retest of resistance before it goes down again:
People have asked whether that was a short sale and the price rises again. Due to the amount of volume it is more likely that the price has a short-term relief, which can take hours or even days, before a further pressure downwards to test the Support again. The price action is not a straight line.
At the time of publishing, Bitcoin was just under $ 8,000, where there is currently a strong support.
Just for the record: currently: volatility is increasing and the Moving Averages are likely to come as an important support factors in the game, because the prices are still far above most of them. The longtime Trader “crypto Fibonacci”, has analysed the moving averages, and notes that great rates are fluctuations in:
Still one of my favorite charts. All moving averages continue to provide some support, but as already some time ago said that the price would return to re-Test. We are now on the way there. The volatility is high. Large price fluctuations to come on us.
Where the Bitcoin price is going next remains to be seen. Josh Rager noticed recently that he expected in view of the recent candle of Bitcoin on the daily Chart, which declined by over 5%, that of the crypto-currency market continues to “quite aggressive to the bottom”. In fact, Rager writes that if “cops don’t intervene” to a level of 8,200 USD to retake, he would be inclined to suggest that Bitcoin could take back a CME-Future-Cap 7.175$, to recover instead of in order to new alltime highs for the current year.
Featured Image: Heydar Aliyev Foundation Leyla Aliyeva | Shutterstock