In our last Bitcoin review, we wrote about a big wave downwards with a target of $ 4,000
The rate completed part of the way from $ 8000 to $ 6,700 over the past two weeks.
Last week there were no new price minimums. However, attempts to rebound up are quickly suppressed by sellers. As a result, we see a consolidation on a falling trend in the immediate vicinity to local minimums. In general, this behavior of the market usually indicates the continuation of the decline in the nearest future.
However, prolonged consolidation may as well give strength to the bulls and become the beginning of a significant upward movement.
If this week we won’t see new price minimums, then the probability of a reversal will increase.
However,for this, and perhaps the next week, bear’s chances of controlling the market are higher. But they would need to keep the market near the minimums in order to achieve that.
While it is possible, despite the rumors about the interest in buying crypto assets from large investors and big names,- It seems that verbal intervention is no longer able to raise the market. In order to do so, there need to be investments.
If not, Bitcoin and all the others will sink under their own weight.
In case of growth, the resistance will be at: $ 8,500, $ 12,000
In case of a fall, support is expected to be at: $ 6000, $ 4000, $ 2000
The rate completed part of the way from $ 8000 to $ 6,700 over the past two weeks.
Last week there were no new price minimums. However, attempts to rebound up are quickly suppressed by sellers. As a result, we see a consolidation on a falling trend in the immediate vicinity to local minimums. In general, this behavior of the market usually indicates the continuation of the decline in the nearest future.
However, prolonged consolidation may as well give strength to the bulls and become the beginning of a significant upward movement.
If this week we won’t see new price minimums, then the probability of a reversal will increase.
However,for this, and perhaps the next week, bear’s chances of controlling the market are higher. But they would need to keep the market near the minimums in order to achieve that.
While it is possible, despite the rumors about the interest in buying crypto assets from large investors and big names,- It seems that verbal intervention is no longer able to raise the market. In order to do so, there need to be investments.
If not, Bitcoin and all the others will sink under their own weight.
In case of growth, the resistance will be at: $ 8,500, $ 12,000
In case of a fall, support is expected to be at: $ 6000, $ 4000, $ 2000
