We are introducing you to the Bitcoin Market Analysis article from Coindesk Analyst Emekar Gurubale. In the article he predicted the development of the situation in the crypto-coin market. It seems that, despite the "bullish" intentions on weekends, Bitcoin found support below the psychiatric mark at $ 10,000.
Bitcoin can not grow even further after falling below the mark at $ 10 000 $ 22. Yesterday, she reached less than $ 30 for $ 11. At the time of writing, BTCL did business around $ 96666.
The crypto coin is developed by approximately 768 percent, compared to the highest of 20 20 $ 11 February, indicating that less than 6 February (below XXx $ $) is closed
1 hour
The probability of a break above the downward trend line "Head and shoulders" model (former support level) - 10 $ 320 will be opened in the resistance level. With this scenario, you can go to 10 500 $ (maximum 24 February).
It should be noted that the forecast remains for weekly chart and relative strength index (RSI) remains - RSI is still below the resistance level at 53.00 points.
Weekly schedule
As we mentioned earlier, all the time of the bell (December 2015 to December 2017), the air force 53 could not push the RSI under the mark. At the same time in January, the index still falls below 53.00, indicating a long-term change in the market's temperament from bullish to bearish.
Notice, despite the bully reverse of doji, bulls can not push RSI over XXXI last week. In fact, a maximum maximum of 53.00 (marked by a circle) was created because Bitcoin reduced to $ 53.00 11 $ for short-term maximum of $ 700.
What to expect in the future?
The maximum sign of $ 6,000 last week has improved from the lowest of $ 11 to $ 700. Probably, the sale of assets will be restarted this or next week, as indicated by the weekly sheet.
In the short term, BTC will probably check the sign of 8 211 $ (61.8 Fibonacci Retracement from last growth). Diamond closing down this level (by UTC) could hit XVXX 6 $ Mark Bitcoin.
Potential corrective growth, perhaps, will be settled in the current level of 10 weeks of bearish -
11 $ 251
Long-term mood changes from Bearish to Bulish will be ensured that after the week the RSI Index exceeds the resistance level of 53.00.
