Říj 21

Bitcoin Price Drops: Where do We Go From Here?

Source: bitcoin

bitcoin price

A bit of a fall has occurred on bitcoin’s side. Since our last price piece, the bitcoin price has stumbled by about $12 and now hovers at $628.

Also read: Bitcoin Price Breaks $640, Are We About to Go Even Higher?

Bitcoin Price Heading South?

One source writes:

“The levels in focus moving forward are in terms support to the downside at 629, and in-term resistance to the upside at 632. Just as with this morning, this width of range is far too tight to go at with an intra-range approach, so it’s all about breakout for now. If price closes above in terms of resistance, we will get in long towards an immediate upside target of 637. A stop on the trade at 630 defines risk. Conversely, if price breaks below support, a close below this level will put us short towards 625.”

It appears most analysts are not fully able to predict where bitcoin will travel from here. The market is showing mixed activity, and there’s nothing specific to give us a better understanding as to whether things will become bullish or bearish. Present sentiment seems to suggest a bull run, but caution remains that a bearish market could emerge from the darkness.

One analyst explains that bitcoin is presently stuck in an “arc,” and whether it will move north or south is relatively left open to chance:

“Price is meandering its way through the third arc pair. Longer term, this is bullish because when it gets out of the arc pair it is likely to rise again, but until it gets to the other side with a strong close above the arc, it’s not so clear what will happen while it’s in the pair itself. Tomorrow is 120 degrees since the spike low of 6/22, so we are at a point in time that we can expect something might begin tomorrow. But what? A reversal or acceleration?”

This same source suggests that if bitcoin closes below $638 in the next day, a bearish market wouldn’t be terribly unlikely. Still, however, one can see that there is no clear evidence to suggest where bitcoin will go or when, and if support breaks, a massive drop may occur.

Investors are warned to lay off major trading until the market “makes a decision,” and clear signs about where things will go are offered.

Do you think bitcoin’s price will rise or sink? Post your comments below!


Image courtesy of Bitcoinist.

The post Bitcoin Price Drops: Where do We Go From Here? appeared first on Bitcoinist.net.

Bitcoin Price Drops: Where do We Go From Here?

Share
Srp 01

Technical Analysis: Weekend Bitcoin Price Drop Explained

Source: bitcoin

Technical Analysis: Weekend Bitcoin Price Drop Explained

Bitcoin is falling down to end its current cycle, which will happen when prices drop to the technical reversal level.

Also read: Industry Report: No Bitcoin Crime Goes Unpunished 

Where Did the Weekend’s Bitcoin Price Drop Come From?

Long-Term Analysis

Prices have started the dive to $600 and $580 after a large lateral sideways lateral movement that ended the first technical cycle. To start a new cycle, quotes must reach former broken resistances, which become supports. Once this occurs, strong purchases are expected, framed in the marketplace of biggest players.

Looking back in the chart, another two flags can be analyzed, which have broken to the bear side. This time, the Contrary Opinion Theory could be considered to allow a pull back to $700, extended to Fibonacci´s technical objective at $820

Mid -Term Analysis

According to oversold mathematical indicators, a plunge to the support at $600 has started, where a new bullish consensus is expected to provide the concurrent elements to ensure a change in trend.

Main support is really at $580, but round numbers theory indicates that most people should react psychologically at 600, starting a rebound to $700 and a new bull cycle to $820, where the box resistance is waiting on the quotes.

Short-Term Analysis

Japanese Candlestick analysis reflects the market’s current weakness, and the quotes are going down to the support.

The oscillators have arrived to the oversold zone far before the coming price plunge, and they could be recovering strength, crossing each other to reinforce the rebound strength from $580 to $600. Afterwards, a recovery will take the bitcoin price to the $700, followed by a continued rise to $820.

At press time, the bitcoin price is hovering in the $620 range and is falling fast, indicating  that the suggestions put forth by technical indicators used in this analysis are accurate so far. Thus, we can expect the price to continue dropping in the immediate term until the markets hit the support needed to prepare the price for a rebound.

What do you think will happen to the bitcoin price? Let us know in the comments below!


Featured image courtesy of Benzinga.

The post Technical Analysis: Weekend Bitcoin Price Drop Explained appeared first on Bitcoinist.net.

Technical Analysis: Weekend Bitcoin Price Drop Explained

Share