Correction of the Falling or where will Bitcoin go?
On the 4-hour and daily timeframes, the Stochastic indicator quickly broke through the oversold line and consolidated below it. It means that we need should expect the price to rebound upwards. A similar situation exists for most other indicators.
We have stretched the Fibonacci grid from the growth that began at the end of July. It clearly shows that during a fall, the price lingered at all levels, which indicates the correctness of the markup. Therefore, you can navigate through it in order to understand where the price of bitcoin will come. According to our assumptions, it is a range of $10,800 - $11,000.
Why doesn't the price go down further? You need to understand that a huge number of long positions by stop-losses were closed and liquidated. And for Bitcoin, they are the fuel for movement. Therefore, consolidation is necessary, after which the global downward movement will continue.
We have stretched the Fibonacci grid from the growth that began at the end of July. It clearly shows that during a fall, the price lingered at all levels, which indicates the correctness of the markup. Therefore, you can navigate through it in order to understand where the price of bitcoin will come. According to our assumptions, it is a range of $10,800 - $11,000.
Why doesn't the price go down further? You need to understand that a huge number of long positions by stop-losses were closed and liquidated. And for Bitcoin, they are the fuel for movement. Therefore, consolidation is necessary, after which the global downward movement will continue.