It’s going to be hard with the price of bitcoin. But not in the way you’d want to (unless you’re short them. From Monday to Friday, reduced the value of the bitcoin, with more than 18 percent of the time. And just today reduced the price by more than ten percent of the time. Ai. In this article, we’ll look back and we can’t wait for next week.
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Bitcoin price is breaking through a major support
We will deal first with the big picture too. The price will be a key support has failed. This support was on a 6.700, and the last six months have been very important:
In may and June this value is the last hurdle to the summit of the approximately 12,200 euros.
Last month bitcoin is, here are, bottom, before, in the course of forty percent bounce back.
And about forty per cent, which is a profit, it is now reversed. We are now below the level at the end of October. Well, it has to go in the cryptomarkt:
The last Friday of the month is in sight, what does it mean for bitcoin?
Next week is already the last full week of the month of november. And that is the last full week, it is always interesting to keep an eye out. Every last Friday of the month of expiration, namely, the bitcoin futures contracts of CME Group for. This can also have an effect on the price of bitcoin.
With the help of bitcoin futures markets you can bet on a price rise or a price fall. At the CME Group for these contracts are settled in us dollars. If you deals in bitcoin futures, it has no direct effect on the bitcoin price.
But what if you are betting on a decrease in price (short sales), and the price won’t go down? Then you have an influence on the bitcoin market and exercise in the short period of time a lot of bitcoin to sell. This can, of course, only if you have a large amount of bitcoin you have.
For the past several months, the timing of any increase, however, is very eye-catching. On the last week of the month dropped the bitcoin rate by at least ten percent of the time. You can see in the chart below. It may well be that the major investors in CME Group with a strong finger on the cake to have. May be pushing it with the price in order to gain their position.
What does this mean for next week? Assume that a bitcoin with a ten per cent lower in comparison to the present day, this is where we come in with a price of around 6.100 euro. We know, of course, is not whether it is going to work, as the market continues to be unpredictable.
And if this is the reason for the decrease from the previous month, remains a mystery. It is impossible to know with absolute certainty is hard to do. It is interesting, in any case, is that bitcoin futures platform with Bakkt from the 9th of december, in dollars, of the futures is going to have to offer. In the next few months will be so interesting to follow!
But, what if..
The bitcoin price is actually all the time in a huge bull flag on the move? For months, raises the bitcoin price between the two trend lines which are parallel to the down run. Along with the big price move up in the first half of 2019 looks like that, sounds a lot like a bull flag.
A bull flag is a bullish continuation pattern. That sounds like a lot, but it does mean that the positive price action in the first half of 2019 and continued to be. At the very least, if the bitcoin stock price of the two trend lines are moving. Below, you can see how this scenario could turn out:
This may seem like a crazy scenario, but it is a possibility. Price changes of tens of percent in a day bitcoin is not a strange one. On Friday, October 25 Saturday, October 26, increased the price even with the 40 percent!
What is the bitcoin exchange rate is also going to be doing, we will keep you up-to-date.