At this point, the bitcoin (BTC) price, at $7.974 from Bitstamp. What will the market do? Please read the technical analysis by the Big Bang of Crypto.
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Bitcoin (BTC) analysis
Bitcoin is still below the 200 moving average (MA), and the daily exponential ribbon.
Also, the weekly MACD indicator (kpi), and the fact that BTC is not at $9,000 each, have been able to climb – indicating a bearish scenario.
On the daily chart, we can see that both the 50 MA for the 100 MA to come closer.
For many analysts, it is a cross of the two MA’s is a sign that we are in a bear market entry (e.g., in 2018).
The question is: where is the bottom?
In our previous article we have explained to you that Bitcoin over the past few years, a movement down, it has made it to a key stage of the bear market.
Bitcoin is a bull and bear market
It is located in front of the last bear market, in the $6,000 to the region.
In addition to the Four-Wave Theory (4WT) is still a recurring contract, it discovered that the $6,000 to a key level of support:
In the last ten years, and was in the bottom of the first wave of the bull market, are at a level that is approximately 1.85 times higher than that of the bottom of the last bear market.
This means that the current wave (the 1st of the new bull market), its bottom will be around $5.800.
We have, in our previous article is news from the 3rd test of the channel line, and, therefore, is the key to the level of the last bear market, from $6,000 to his will.
Our data show that it is likely to go in the $6,000 to the region and to fall within the next 7 days.
What needs to be done to make the current support is at $7.700, to preserve it?
As Bitcoin is the 200 MA you know how to reach it (which is currently at about $8.550), and back on top of the $9.300 know how to get it, then it is unlikely that we will be under the $8,000 will go down.
In this scenario, we will be in the next few days for a bullish move to the $11,000 is to see.
We’re going to go retesten from $6,000 to?
The purple fib circle, and the 200-MA at this time too strong, which makes for a retest of the $6,000 of the level of need. This will build on the momentum generated for the next step in this bull market.
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.
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