BITCOIN - Failure of sellers!
In the latest analysis of Bitcoin, dated October 12, it was stated that the condition for the continuation of the major downward movement of Bitcoin is the breaking of the key support range of $18,900-$18,500.
This range has been so strong for the fifth month that it has made further declines a nightmare for bears.
Along with the continuation of contractionary policies, not only in the Federal Reserve but also in most of the main economies of the world, the price of Bitcoin and other digital currencies is still under pressure, but these five months have shown that the market does not yet accept the price below 18500 dollars.
In the meantime, various news is heard about the use of cryptocurrencies by more and more countries.
So as long as the support range of 18,900-18,500 dollars is not broken, we can expect fluctuations between this support and resistance of 20,400-21,000 dollars.
This range has been so strong for the fifth month that it has made further declines a nightmare for bears.
Along with the continuation of contractionary policies, not only in the Federal Reserve but also in most of the main economies of the world, the price of Bitcoin and other digital currencies is still under pressure, but these five months have shown that the market does not yet accept the price below 18500 dollars.
In the meantime, various news is heard about the use of cryptocurrencies by more and more countries.
So as long as the support range of 18,900-18,500 dollars is not broken, we can expect fluctuations between this support and resistance of 20,400-21,000 dollars.
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Bitcoin made a new push lower; as we said, don't rush for any bottom entries. The market is volatile, and anticipating a bottom is not possible. Currently, Bitcoin is retracing back and is expected to hit $17,200.
With the positive reaction that Bitcoin has shown to the price channel of $15,000, the probability of a short-term return has increased. If it can return above $16,600, it can fluctuate above this range for a while, like the previous range area.
The market is falling apart as Bitcoin broke the major support level . The weekly support is $15,000-$15,500 area and $12,000-$13,000 area. Binance backs off from the FTX deal, leaving the exchange on the verge of collapse. If FTX is not rescued soon, we will see more dumps in the market. It is better to wait for a clear decision on FTX.
It takes two drives to the downside for #liquidating $700M+ in the past 24 Hours. You should use stops and avoid the market if you see any strong indication.
This week's close candle and the location of the price stabilization can play a decisive role in predicting the end range of the Bitcoin price decline.