Last week again ended with a bearish trend. So, just 2 weeks was taken the distance before the bulls went for 5 weeks, only in the opposite direction. The fall always occurs faster growth, and it was confirmed once again.
How can behave the bitcoin price in the future, as well as a little about Ethereum will tell the CEO of the service cryptorg.net and regular contributor ForkLog Andrey Podolyan.
On the weekly chart, as gradually shifted to the local extrema (red horizontal lines on the chart), first it was the $11 700, then $10,000 and now $8 500.
Based on this same graph shows that long term support is at $6000-5700.
BTC/USD weekly chart
The daily chart shows that intraday traders and speculators actively use the area $6000 for short term purchases.
BTC/USD daily chart
If you examine the daily chart for a longer time period, we see that there is now a serious threat to the support at $6000-5700 and in case of breakdown of the price with high probability will increase up to $4500.
Thoroughly up the price will not go until it breaks $8500.
Many are waiting for the approval of a bitcoin ETF. But the decision constantly transferred, could it be trying to manipulate the market. After all, if a positive decision, the price rapidly goes to historic highs, because the cryptocurrency market will flood a huge institutional investment.
As expected, Ethereum went even lower. However, lower than planned. Purchase from around $340-$360 is not yet justified. And anyway, after the broken multi-month trend, the immediate prospects do not look rosy ETH. Most likely the price will tend to $250. And $300 will test this week.
ETH/USD weekly chart