Welcome to our today’s Bitcoin price analysis at the TA-Tuesday. We throw in this short course-Update a look at the Charts and look, what can you tell us about the future BTC price may be.In addition, we shed light on the possible backgrounds for the rapid fall in the share price and the followed counter-movement. It is so exciting!
Reasons for the Bitcoin price drop
What just happened? How can it be that the Bitcoin exchange rate loses within only a few days, so massive value?Now, as always, there is not just one reason alone provides the answer to all these questions. However, China plays here again a crucial role.On Friday of last week, the People’s Bank of China, the country’s Central Bank has announced, officially, that they will take action against the ICO and cryptocurrency trading in the city of Shanghai.In the report it is mainly to ICO, STOs and other crypto with the help of Fundraising currencies were started. Similarly, trading platforms, how to Binance, Huobi and others are targeted by the investigations, the crypto-currency-transactions, Token-sales and the distribution of Token from the first ICOs Overseas to perform.Miner should be in addition, just before the surrender, and every other Bitcoin exchange rate to crash from knippst in the one or other smaller Miner, the lights.A Twitterer with the Pseudonym ErgoBTC believes that there is a connection between the sale of the plus token scammers and market movements to produce. The sales of the BTC plus a token to have abnormal effects on the market cycle.
I’ve been seeing a lot of Twitter FUD opining on miner capitulation in the last few days.This got me thinking… could the selling by the plus token scammers have had an abnormal effect on this market cycle? pic.twitter.com/VZGjyQAxaF— ∴ Ergo ∴ (@ErgoBTC) November 21, 2019
Equal to if this could actually be explanations for the cause of the movements, is, first and foremost, the Overreaction of the market, the reason for the extent of these price movements. Fear is what drives a large number of small investors in their decisions, and plays Great in the hands.
What must expect from the Bitcoin exchange rate?
If you want to read a detailed embodiment with regard to the possible future in the medium to long – term price movements, I recommend to take a look at my article from Friday. There, I describe both a bullishes as well as bearish scenario that could await us in the coming weeks and months. For the article go.Here and now we want to restrict ourselves to the short-term movements in the market. Therefore, let us quickly share a look at the daily Chart to throw.By two black trend lines plotted, we see that the Bitcoin price moves currently in a Channel. After he has touched on yesterday, the lower edge of the Channel, there was a counter-movement of the exchange rate.Measured in the rapid Bitcoin exchange rate crash, this was also an urgent correction, which was initiated by this counter-movement.I personally would not signed überrashen, if we are going to see in the next few days, a moderate rise in Bitcoin price that will approach slowly, gradually, the 50-MA line on the daily Chart (here in green).Subsequently, it will show whether the Bitcoin exchange rate continues its downward trend or an attempt by the reversal of the trend company. The former Version shall always be considered as the more probable, since markets tend to be Trends to continue, rather than reverse it.
You think you know what comes next?
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