Whether the avalanche of Bitcoin has begun or is it a healthy correction that will continue to new heights?
Bitcoin Price Technical analysis forecast update
Bitcoin price drops almost 25% since last week record, Market action traders saw bitcoin markets plummet over 25 percent in value to a low in the $5800 range. When markets in Japan and South Korea opened, the price rebounded a touch coming close to capturing $7800K, but traders failed to reach that point. During the earlier hours of Saturday morning, bitcoin’s price started diving again, dropping seven legs down to a low of $6,300. BTC trade volume is still holding steady and has been capturing roughly $5B or more in trades over the past 72 hours.
Digital asset markets, in general, are following bitcoin’s drop except for bitcoin cash, ethereum classic, and tether. Ethereum (ETH) markets are down 3.4 percent, currently averaging $298 per ETH. Ripple (XRP) markets are down 1.4 percent reaching a low of $0.20 per coin. Lastly, the fifth highest digital currency market cap held by litecoin (LTC) is down 3.2 percent as one LTC is $59 per token. Bitcoin dominance among the entire $197B cryptocurrency market cap is 53 percent, dropping from its previous high of 60 percent
Last month on October I posted brief on the bitcoin and its seems to be the story:
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| bitcoin analysis |
As you all know I’m not a fence of blab la talks, so let’s go to test charts - price is talking the else is only a back ground noise
From technical view, there are two possibility: the first is that the trend is over and bitcoin price is on his way to see again 2300-28000 $ and even lower
Second is that we are witness for some corrections on bitcoin price, and after they will finished them the price will continue up again to the areas I mention my last post – this assumption based on 4200-4400$ bitcoin price will not break down on those corrections !
Technical analysis:
pay attention for 6200$ price level! – closed below this level will send bitcoin to cope with 4900-5100# price area, or even to lower price to the 4200-4400$ price
While stay above those levels could send bitcoin up again over last record
Long-term trend forecast moved is still up as long as 4200-4400$ will hold!
Break below 4200-4400$ on weekly basis will send bitcoin to 2300-28000 $ while break below those levels will lead bitcoin to cope with 1400-1600$
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| bitcoin forecast |
This review does not including any document and / or file attached to it as an advice or recommendation to buy / sell securities and / or other advice
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