Over the past week in a nutshell: a huge changes, and as a bitcoin (BTC) course in all directions you shoot. Volatility is back into the Bitcoin market, after a break of the descending triangle over the past week.
At the time of this writing, will determine the price of a Bitcoin is around $8,000 to the dollar, but there is a lot of volume. We will go into the new week, with a major downtrend, or if the price will be change?
Bitcoin (BTC) analysis
In the mean time, the price of $2,000 less than last week, and we go through the weeks of the range at the bottom is broken. By doing so, the expected price volatility.
In addition, a lot of longs (for speculation on the higher price, ed.). they are also shorts (speculation at the lower price, eds.) been wound up. Thus, it is clear that the price of all of the sides of the cartridge.
All in all, it seems to me that the price in the direction of the $7500 in down, before a change is going to come from.
Bitcoin 4h chart, the 29th of September, 2019Gekeken to the chart, we can see the fake-outs at the top. The buyers do not have enough strength to do this movement is to see it through. The movement will continue to go down.
Also, this is a good thing to be seen in the momentum indicators.
In each of the relatively small move up in overbought region. But, so far, is holding the support level of around $8,000 to well. And, it would seem, that the offering described above, it will be closed.
My popular weekly fibonacci pivot levels after a big move is useless, for the price, it has such great movement that it is out of the range is reached.
This will also make it clear that this movement is serious and it is not simply a reversal making.
However, if we had a bit of zooming in, we see that the momentum indicators like the Stoch indicate that there is a gap up. With the weekly close, so it can be slightly bullish close.
Bitcoin 1h chart, the 29th of September, 2019Rond’s a $7,500 is a pretty strong support and should the price continue to go down, it seems that this is not a candidate for a strong bounce up.
A potentially strong reversal level. If price does not bounce back, it can be bleak, with levels of around $6.000. However, the likelihood of that happening is still a lot less than a strong reaction from the bulls at the aforementioned support level.
A decline in the direction of the $7500 in it is, therefore, not an option. But for the week, closing above the $8,000 to offer the only hope for an early reversal. If this is the case, then it may be next week, soon, in a positive turn of events to get it.
Who knows, a well-known pump, in the direction of the price at the beginning of the week, to $10,000, is back above the old support level. That is to say, for the price, it is quite unpredictable, following the high number of reports & amp; analysis. For a market to be cautious at all.
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