The past week has not brought positive bulls and HODLерам, again dominated by bearish sentiment, and the price is the main coin fell by more than $2000.
On future possible scenarios of the price movement of bitcoin and a little about Ethereum will tell the CEO of the service cryptorg.net and regular contributor ForkLog Andrey Podolyan.
If you look at the weekly chart, it is clearly quite positive, the February growth attempt completely broken.
BTC/USD weekly chart
If you go back to five-wave layout, it yet. The cancellation of this pickup will serve as care prices are below $6000. If the previous low at $5900 will be updated, then the next support will be around $5500 and then in the range of $4500-4000.
When you bounce up to strong resistance at $9200, $9800 and $11 700.
BTC/USD, matevosova layout yet
You need to understand that now is very important and a turning point. The price is at the junction of the upward and downward global trends. If we go down, we do two things at once: return to the downtrend and break down the global upward. In this case, to put it mildly, painful.
If we go up, then do not come back in December the downward trend and continue upward movement up to tutumunu. Price stood exactly on the intersection of these trends.
BTC/USD, around here everything will be solved
Many people worry about the fate of the second capitalization of the coin, which also came to be pretty interesting. Remember global the summer triangle, which looked just great, and worked perfectly? Now, the price again fell on the same long-term rising trend line.
From my point of view, it is unlikely that the price will be at once powerfully to break down, those levels should be worked on. I’m guessing that there may occur a reversal, which will give the opportunity to collect from 50 to 100 percent of the profit. The purpose of the rebound — the area just above $700.