BTC/USD Analysis- the fact .
Hello everyone, I'm victordaniels and I'm going to be analysing the Bitcoin price here today.
Yesterday's price movement of the BTC triggered many Stop-loss and that led to a massive sell down to the 6757 mark.
Bitcoin, before the massive sell yesterday had smaller trade volumes in the 7600 price mark, many traders were expecting a further rise in price to $8500 or$ 9500 price mark, but suddenly the first bearish candle came in , followed by another bearish candle closing at 7280 mark. After many failed attempts for the Bitcoin to rebound, after 5 hours time, another bearish candle came up making many traders frustrated and that led to the massive drop in price from $7200 to $6704 after 9 hours failed attempts of the price to rebound. No doubt many Stop-loss were triggered,
The price movement of bitcoin also affected other coins . The etherum price decline yesterday looks almost exactly as the one seen in the bitcoin. The etherum price declined from $600 to $500 after some hours of failed attempts to reach the $625 price mark.
This drop affected so many traders anticipating etherum to reach $750.this drop in price will continue until etherum reaches $450.
LTC price movements
Litecoin drop in price was caused by the btc, the litcoin fell from $119 to $100 with its graph looking similar to the bitcoin and etherum graph.
Bitcoin still remains bearish. Currently trading at $6756 at the time of writing this article.
Many traders believe the drop in price was caused by the hack of a small south Korean exchanger called Coinrail , although the exchanger trading volume is insignificant to cause such a drop. In exchange, Coinrail beign the 99th largest in terms of trade volume ( $2.65mln on the day leading up the hack.
Tone Vays, who broadly predicted a significant fall in BTC/USD through 2018, produced fresh analysis highlighting similarities between Bitcoin in Q2 this year and in 2014. Not just price, but several other measures pointed to a protracted period of bear market conditions, he said
Conclusion
Bitcoin may drop below the $6700 mark targeting $5000. Following the decrease of the trading volumes over the past 24 hours. If the price fails to reach the $7300 mark before Thursday, then expect more bearish movement below the $6000 price mark.
Thanks for reading, always visit my blog for analysis and signals both forex ,binaries and crypto.
References: https://cointelegram.com
https://cointelegraph.com/news/buy-the-fud-mainstream-media-convinced-coinrail-hack-caused-crypto-price-plunge
Charts from Meta5trader.
It's starting to get a little scary Im thinking $5,000 if not we drop down to $1,500
You are correct, I agree with you.
Thanks, I will check out your blog. BTC is consolidating, but still expect a more bearish movement to $5800
Your analysis @victordaniels are very unique and easy to understand.