Bitcoin pricing analysis: manipulators can go against the bearish trend
A week ago, we outlined the boundaries of the flat $ 6,200- $ 6,600, after which a good movement was expected. And so it happened. Unfortunately, the process went on a negative scenario. The cryptorg.net service CEO and the regular contributor to BlockchainJournal, Andrey Podolyan , tells how bitcoin prices can behave in the near future .
The price broke through the level of $ 6,200 and with a rapid impulse went to $ 5,750. The level of $ 5,750 was designated in analytics as the last stronghold of bulls, the level held for a very long time, and the price rebounded strongly each time, coming to $ 5,750- $ 6,000.
Now the level has been broken through on different exchanges, the price has gone down to $ 5,500- $ 5,400. A normal rebound did not happen, which means that there is good reason to believe that the price will continue to decline.
The further goal of bears will be the level of $ 4,500. Most likely, this will not happen quickly, but will again be accompanied by a stinging flat with rebounds and a further decline.
The only thing that can save the bulls now is a possible wedge on the daily time frame, if it works, then a rise to $ 6,500 is possible. However, the pressure of the bears and the negative background are quite high, the figure will be very difficult to realize. Complete cancellation of the figure will occur when the price is below $ 5200.
On the other hand, in recent times, market manipulations have been happening in the opposite direction from moods, with a positive, the market has fallen, with negative growth. Perhaps this time the manipulator will make growth, despite the collapse of the negative.
Subscribe to BlockchainJournal news on Facebook !