Like a clap of thunder from a clear sky, fell to the bitcoin exchange rate yesterday, more than 600 euros. Long squeezes and market manipulation by whales are the possible causes of this, as you can read in the article, etc.]. So, what can we now expect from the course?
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Bitcoin is out of the triangle
Your eyes have probably already been turned into triangles, so many times have we all discussed it. The price of bitcoin was many months in between the two trend lines that are closer to each other to move. But Wednesday night changed all that.
In half an hour’s time and dropped the price by a little more than seven percent of the time. That was enough for the triangle to break down. You can zoom in to the large globe in the figure below.
However, there is not only a bad news for you. The course will help in the green zone. And this seems to be a strong area of his. In June and July, this zone is not broken at all. In the middle of June, it was just a resistor that is has been.
Breaks down bitcoin is not out of the green zone? Therefore, there is still no alarm bells go off.
Makes Bakkt for the substantial increase?
The exchange rate is not only determined by technical analysis. The news from the outside, can also provide a boost. With the advent of bitcoin futures platform with Bakkt you can now push to.
How does that work? So let’s look at a situation in the past. In mid-december 2017, met for the first time in bitcoin futures contracts, on the market. CME Group was the first party that it had to offer.
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With the bitcoin futures contracts, investors can speculate on the price of bitcoin. By the conclusion of a long or short position gambling, they are, respectively, an increase or a decrease in price.
The hype was huge. In the november of 2017, a month ahead of the launch of the bitcoin futures on CME Group fell in the race, first a brave face, but he quickly started to climb again. In the chart below, we compare the situation then with that of today:
Even if Bakkt launch, drop the price a lot. But for all the hype around it could make for a huge increase, just as it is in by the end of 2017. What happens if we use the movement of the 2017 and paste it over the course of today? Then you will get this:
As you can see, it moves in the exchange rate are also in a triangle, which is slightly smaller in size. Along with the hype that may be the end of the triangle to allow for a significant increase. As bitcoin is the exact same path that you will follow up in the direction of $ 14,000 even.
And what if it’s not the way it goes?
“Yes, yes, yes, the price is now going to increase? There, I think nothing of it!’ Okay, so moving forward, we can describe a bearish scenario. What if bitcoin is to go beyond that is going to fail?
In order to answer this question, we get our old Italian friend, his name is Fibonacci. The series of digits, is widely in use, are also included in the technical analysis. Often, the areas of important support and weerstandszones it. The course will help to 38,20%, which is 8.600 euros.
Decreases in the market price of bitcoin, then we may, in the worst scenario, a decline is expected in the direction of 6.400 euro. This is the 61,80% Fibonacci level. But, probably, it is not so far away, and the market price support at the 50% Fibonacci level. In this case, drops bitcoin for eur 7,500.
In the coming days and are excited about that! Find bitcoin support on the night! It can be in the short term it’s still bright out. But the drops in bitcoin, then we’ll have a big drop to expect.