Last week’s bitcoin rate trend was expected to be corrected. The $7,400 level was so good that many active speculators began to sell it.
True, I did not think that the price would fall so low, the expected correction point was the $6,700 zone.
However, speculators decided to play clearly from the levels and drove the price into the $6,100- $6,200 zone, from which already several strong growths began. Thus, long-term resistance again stood.
What movements can now follow? There will be an accumulation of volumes for Long to return to the level of $7,000. Perhaps this week will make a puncture level of $6,000 and from there strongly upward. But still, it is likely that this will not be allowed.
The level of $5,750 is the key – all this is seen and known. It is likely that the manipulators will not break through it, so as not to seriously cool the interest in cryptocurrencies.
On the other hand, now many earn on falls, trading with the shoulder. If two or three years ago, there were no such opportunities or practically none, now there are a lot of such opportunities.
Also on the chart, the opportunity to implement W with a goal above $10,000 is retained. At the same time, the figure will cease to exist if the price goes below $5,750.
“Ether” continues its downward movement. At the same time, he reacts to the fall of the main coin by an even greater fall. The graph looks frightening, does not it?
Without the appearance on the chart of any distinct reversal candle on the weekly timeframe, it is not a good idea to go in long. You can try to catch falling knives and clearly guess the bottom, but look at the graph: how many were already such opportunities and then followed another fall.