The market has turned around: a bitcoin dump
During the week, the price of bitcoin was able to fall three times and once tried to rise above $ 10,000. In this article, we will analyze forecasts of traders whether their moods have changed regarding the fast growth to $ 10,500 and a hike of $ 15,000. Or now the situation on the cryptocurrency market has turned upside down, and we are waiting for a fall first to $ 8,000, and then to $ 6,000.
After after we collect the opinions of various traders, summarize and share our opinion on the market from the Coin Post team.
All the information in the article is not a financial recommendation, but will help you create your own picture on the further movement of the price of bitcoin.
We will start with a sweet couple of Twix, don’t think badly, but there was some time then such a mechik for Chris and Davinci, who again pleased with the forecast on the MMCrypto channel, it is great.
Today they have a terrible forecast . The level of $ 9,000 is the key, and if it does not hold out, then bitcoin can drop up to $ 6,000, which will fulfill the dreams of many to buy cheap cryptocurrency.
But before flying into the abyss, there is a chance on Bitcoin for good short-term growth with a return of up to $ 9,500. But there, apparently, we will encounter strong resistance, and then the bears will return to the market again.
Despite such a high level of pessimism from Davinci, he and Chris are looking to the future with the growth of money supply as a result of the printing press. They said for quite some time that the uncontrolled creation of new money would lead to inflation, and perhaps even hyperinflation. What is fraught with the depreciation of fiat money, and as a result, the demand for limited-emission assets, such as bitcoin will grow.
Chris’s logic is clear, but the paradox is that in the US and Canada, the authorities are now afraid not of inflation, but of a completely opposite process called deflation.
You know that there are bulls and bears on the market and now there are still neutrals. In his video , Ton Weiss at first long equated a triangle on a four-hour chart, but found the opportunity to consider the figure as still working. Therefore, now the restoration of bitcoin to $ 10,000 is possible and further there may be a breakdown of the upper limit with a hike above $ 11,000. And then Tone Weiss will be a bull, but until this happens, he prefers to sit out in the neutral camp.
But then the bad news went. On the daily chart, the trader does not see the opportunity to enter the transaction due to another triangle, which can be successful for both bulls and bears. But the weekly chart, according to the rules for constructing trend lines from Tone Weiss, now looks bearish due to strong resistance along the line of the global downtrend for three years.
In this scenario, bitcoin will definitely break this line and move on to the direction of a new high of the price. But this may well happen in November or December, when the trend line will be in the region of $ 9,000 or even $ 8,000.
So far, 2-0 in favor of the bears, and the bulls today won’t win, the maximum can count on a draw.
According to opinion of of Tyler, if we repeat the breakthrough of the upper boundary, then almost all without exception will be able to fly to the moon. He focuses on the Fibonacci canal and the fact that the price is just in its middle ground. Based on what, the trader expects a price reduction next week, and possibly even over the next few weeks.
Moreover, according to the trader, a drop to $ 8,700 was insignificant and the price should continue to be dumped even lower. At the same time, the level of $ 8,700 in the near future will be good support, and the price of $ 9,200 will act as a resistance. And based on the fact that Tyler is waiting for a pullback, his immediate goal should be the level of $ 8,200.
Crypto Zombie on the four-hour chart found a downward channel in which movement can lead the price of bitcoin to $ 8,000.
But on the daily chart there is a good uptrend with growing bottoms. This trend lasts from the moment of the collapse in March to $ 3,800 and still shows itself very well. The danger is that we are just near the lower border of this channel, and if we drop out of it, then the nearest support will be only $ 7,700.
And the best news for today: we continue to receive support from the 50-week moving average, and forecasts from a previous article with courses on seven green candles on the weekly chart, and behind them, strong growth is still valid.
[19459008 ] It can give the market the power to dump Bitcoin by 43% and drive the rate of under $ 15,000. And the fact that this scenario could work, Crypto Zombie confirms with two indicators that previously very successfully indicated excellent points to buy before a strong movement of the price of bitcoin in the direction of growth. Whether they will help again, we will find out soon.
A week ago we were predicted to have tremendous growth and bitcoin was pledged by $ 8,700. Now, most of them are waiting for a fall, what good is this, with a long downward movement and cancellation of all bullish scenarios in the short term. Does this mean that the time has come for growth, because the market likes to do what is least expected of it?
Let’s honestly tell you that we don’t know, and we will not show our schedule on purpose, because on the weekly timeframe he draws a very good growth continuation. What can we really hang out in the region from $ 9,500 to $ 8,700 for about two weeks, but at the beginning of June it can go quite so well.
But this is by no means a forecast and not a financial recommendation, this is just a picture on our chart, and everyone who wants to try to determine the next market movement should draw their own and orient themselves only on it.