The Bitcoin (BTC) exchange rate is currently writing rose above the $8.600, with a temporary peak of $8.707 on Bitstamp. What will the market do? Please refer to the technical analysis of the traderscollectief BigBangCrypto.
NOTE. This is a technical analysis has today written to the break-up of the $to 8,400.
Bitcoin, a look back
Let’s take a look back at the past few months. Bitcoin has fallen to a level of $7,700 after an interim peak of close to $14.000 at the end of the month of June.
Bitcoin is the best-performing asset this year, if we’re going to compare that with gold, silver, Amazon, Apple, oil, or real estate.
Because a single Bitcoin fell to about $7.700, everyone wants to know is whether this will be the last dip before we go to a new high to go.
Or is it still low? Before we get to be one of the most important recurring agreements are a very important part of following the Four-Wave Theory, ed. we need to deal with the current situation.
Below that the 200 MA has to be reached, which is currently approximately $8.550 are located, could be Bitcoin, there are not more than one break. In fact, this is a bearish sign for many analysts.
There is also a strong bear flag in formation, with a long pole and a flag, which is down-turned. An outbreak may be very close to the $6,000 to-area.
Bitcoin has tried it on October 7, the top of the weerstandslijn to break it up with a nice pump on $7.860 up to $8.350, but it could be that the momentum will not hold.
So, we have a Doji candle on the chart which is a reversal, it would be able to appoint, or, in other words, we are still in a downward trend. We will have to wait for a confirmation.
On the four hour chart, could be Bitcoin, not over-the exponential ribbon to stay.
At the moment, BTC is under the 55 EMA. However, the longer we are not at the top of this ribbon, know how to move it, the greater the likelihood of a further decline. These are the most important indicators to a new low.
The only thing that a potential pump-indicates the support of the program is exponential ribbon.
Bitcoin is not more than $7.700 dropped over $8,000 to try that. However, it is this support strong enough?
The Four-Wave Theory: bitcoin exchange rate historical is declared
But, let’s just zoom out. Maybe we can find the answer in the fundamentals of Bitcoin.
The Four-Wave Theory (4WT) is based on the Bitcoins historical price movements over the past ten years, and the recurrence of the agreements, which have an important role to play in the conduct of the Bitcoin.
So we know that Bitcoin has a tendency to go back to where it all began.
Before a bull market begins, we have to always use the most recent dip, which Bitcoin is its bottom during the bear market.
In the past few years, Bitcoin has been a 3x, returned it and tried the level, which is regarded as the last strong support at the bear market was on.
Each time, when this level was broken, it fell, Bitcoin is for the last time, and it was in the course of the soil.
In a bull market begins, the time at which Bitcoins back above this level and return to the test, it is nothing more than a swing trade.
This is a very important price level at around $6.052, which is very close to the 0.78 Fibonacci level is located.
This is from the bottom ($3.170) to the top of the current wave of ($13.870).
In view of the above the bear flag formation, this is the target still makes more sense. However, there is a recurring similarity of this decline to greater opportunity.
After that, it is the highest point of a wave is reached, it moves to Bitcoin is that it’s always within a descending channel.
Every time, when it comes to the channel line-up for the third time in a test, move the BTC to your main line, and will continue to increase.
At the moment we have only two tests of the kanaallijn, and Bitcoin is on it’s way to the bottom after the hoofdtrendlijn has been turned down at $11.331.
First, up to a total of $9,000 each, and then re-dip it?
Finally, it has been a big decline in the $6.000-a zone, currently the most likely to be.
If that happens, we expect to be in a very short period of time is a very big jump up to a total of $7.400. As Bitcoin is available at the time of this writing, over $8.380 is increased, we see that we may have a test zone of 200 ma of $9,000 each, before the latest dip.
The Big Bang Of Crypto
The Big Bang of Crypto (formerly known as Crypto-League is a very experienced traderscollectief from the Netherlands to Germany, which in 2011 is running. They will share their analyses of, inter alia, on Youtube, and Discord.