Hello, guys!
Let's talk about current Bitcoin price action. There is a significant drop of 14% last two days. People panic now that the price correction can be bigger than the previous one and are selling their Bitcoins. Let's consider fundamental and technical aspects of the analysis.
FUNDAMENTAL ANALYSIS
I suppose that the main reason of the current Bitcoin price drop is the manipulation... again! The same as the previous time. Do you remember that the huge amount of Bitcoins were deposited in the exchanges just before the previous correction? It is the case now too! But at this time the amount of Bitcoins deposited is smaller, and it is great. What does it means? Whales want to take profit at the high, crash the price because the people's panic. At the bottom they will buy Bitcoins again at the lower price, push it higher. People will buy it again. Then the cycle will repeat. This is how the whales and institutional investors direct the market. We should anticipate their actions to have a consistent profit at the cryptomarkets. It is difficult, but, fortunately in the blockchain world nobody can't hide from the other investors their intensions. There are a lot of websites where you can find the unusual activities on the cryptomarkets.
To make sure that current drop have no macroeconomic reasons let's take a look at the traditional markets at the chart below. Here is the clear uptrend without any fluctuations which could lead the Bitcoin price drop. As you know the Bitcoin price is strongly correlated with the traditional markets.
TECHNICAL ANALYSIS
This week started with the bearish bias below the central pivot range. The price have a rejection to downside from this level. Also we can notice that the price again found support at the trendline. If the price find support at this trendline again the green scenario (1) can play out. The white (2) and red (3) scenarios based on the key support levels and also can play out in case of panic continuation. It is nice opportunity to buy in dips at these levels.
To sum up, here we can see a typical market manipulation, don't be fooled and buy the Bitcoin in dips to earn money in the current situations.
DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions.
Let's talk about current Bitcoin price action. There is a significant drop of 14% last two days. People panic now that the price correction can be bigger than the previous one and are selling their Bitcoins. Let's consider fundamental and technical aspects of the analysis.
FUNDAMENTAL ANALYSIS
I suppose that the main reason of the current Bitcoin price drop is the manipulation... again! The same as the previous time. Do you remember that the huge amount of Bitcoins were deposited in the exchanges just before the previous correction? It is the case now too! But at this time the amount of Bitcoins deposited is smaller, and it is great. What does it means? Whales want to take profit at the high, crash the price because the people's panic. At the bottom they will buy Bitcoins again at the lower price, push it higher. People will buy it again. Then the cycle will repeat. This is how the whales and institutional investors direct the market. We should anticipate their actions to have a consistent profit at the cryptomarkets. It is difficult, but, fortunately in the blockchain world nobody can't hide from the other investors their intensions. There are a lot of websites where you can find the unusual activities on the cryptomarkets.
To make sure that current drop have no macroeconomic reasons let's take a look at the traditional markets at the chart below. Here is the clear uptrend without any fluctuations which could lead the Bitcoin price drop. As you know the Bitcoin price is strongly correlated with the traditional markets.
TECHNICAL ANALYSIS
This week started with the bearish bias below the central pivot range. The price have a rejection to downside from this level. Also we can notice that the price again found support at the trendline. If the price find support at this trendline again the green scenario (1) can play out. The white (2) and red (3) scenarios based on the key support levels and also can play out in case of panic continuation. It is nice opportunity to buy in dips at these levels.
To sum up, here we can see a typical market manipulation, don't be fooled and buy the Bitcoin in dips to earn money in the current situations.
DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions.
Comment:
Trade active:
It seems that the price is going to follow the green scenario. The bullush double bottom pattern is already formed but the price should find the support at CPR level ($56700) to confirm the bullish bias of this week. But be very careful, whale usually manipulate the market in such situations because of increased people's greed.
Trade active:
The green scenario is active. We can notice the small bearish divergence with MFI on the 1-hour timeframe. There is a possible drop to the trendline again ($57500) before the bullish trend continuation.
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