Bitcoin correction was beginning
Bitcoin price dropped by 5% over the past day and returned back under the $12,000 level. But the trading volume continues to remain at the same level - about $25 billion per day. And this is very alarming because the volatility has returned, but the activity of the participants has not. All it can only indicate that at the current moment the market is driven exclusively by manipulators.
Over the past 3 days, a rising wedge pattern has clearly formed, which is a forerunner of a price decline according to technical analysis.
In addition, the RSI and Stoch indicators have failed to break the upper border of the overbought zone, which indicates the weakness of buyers. In order to continue to grow, these indicators must unload at least half.
The situation is similar to MACD, which has been at its peak for a long time and is now showing signs of an impending reversal, which may last for more than one month.
To understand where the price will come in the near future, you can look at the Bollinger Bands. The chart has moved down from the upper band to the middle one and therefore there is a high probability of a descent to the lower band now.
Based on this analytics, we expect the bitcoin price to drop to at least $11,000 in the near future.
Over the past 3 days, a rising wedge pattern has clearly formed, which is a forerunner of a price decline according to technical analysis.
In addition, the RSI and Stoch indicators have failed to break the upper border of the overbought zone, which indicates the weakness of buyers. In order to continue to grow, these indicators must unload at least half.
The situation is similar to MACD, which has been at its peak for a long time and is now showing signs of an impending reversal, which may last for more than one month.
To understand where the price will come in the near future, you can look at the Bollinger Bands. The chart has moved down from the upper band to the middle one and therefore there is a high probability of a descent to the lower band now.
Based on this analytics, we expect the bitcoin price to drop to at least $11,000 in the near future.
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