BTC Course - Analysis. Be careful, it's still where to fall.
In the past days, Bitcoin’s price has been mainly falling. From the top of 19891 USD, the price fell to a minimum of 9231 USD. It’s an incredible 53%. Such a fall could be painful for some people. The question is, will the Bitcoin fall even further or not?
Extreme profits from the previous growth have to be paid by someone. And the 10 000 USD price is still very high. I can imagine the price falling back somewhere to 6 000 USD. I remember very well, how long the price was around this border last year and the growth from 7 000 to the final 19 891 USD was very fast. This sharp growth deserved correction. So far, it seems that the correction was at least partially over.
Breaking support would mean a drop of up to 7000 USD
On the graph, we see quite significant support marked by the green line. It is significant due to the huge volume that has been achieved with any approach to this support. Probably there were a lot of people waiting for the best possible buy. It seems that from this border the only way is up.
But you need to be careful. If there is no significant upward progress, then the support will not hold and it will move down. We can expect a short drop to up to 7 000 USD and a quick return.
The critical border is 11820. After exceeding it we can expect spike up to 14 500 USD.
Sentiment in the market, interests on stock exchanges
An interesting development took place on Friday at Bitfinex, when the number of short positions grew from 8 580 BTC to 18 723 BTC. More than 10 000 BTC were sold on margin. This may have two aspects. Firstly, it can show that someone knows the price will go even lower. On the other hand, if it is a clear bet on a drop without the person having any information, then the closure of these shorts may mean a significant pump.
The long vs. short ratio now stands at 30:18 in favor of longs.
At OKEX, the ratio long vs. short 46:53 to the number of votes and 23:26 to volume.
Interest on dollar lending on Bitfinex is at 0.0417%. Bitcoins can be obtained at 0.091%.
Recommendation: I advise to buy a little bit or to watch the development. When dropping under the green support, try to buy the dip.
Disclaimer: These articles cannot be considered as an investment advice, and it is still a good idea to make speculation on bitcoin stock exchanges only with funds you can afford to lose. High profit potential is balanced with a significant risk of losing, especially here on the crypto markets.
Source (in Czech): http://btctip.cz/kurz-btc-analyza-zatim-opatrne-stale-je-kam-padat/
Lets hope you are right, the market can use another bullrun ;)
how much it will fall ? btc price ?
It is in the article. I think it will go upwards but if not, do not panic and buy the dip. It could be even 7 000 - 8 000 USD. I recommend you to buy gradually. Some percentage on the 10 000 USD, some on 9 000 USD, some on 8 500 USD and so on. But it will probably not go under the current support.
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