Unfortunately, the main cryptocurrency and failed to consolidate above 13 thousand dollars. After a break of this line Bitcoin for some time was moved up, but then the price of a coin dramatically rolled down.
The General situation looks like this:
- the asset is depreciated by $ 2,000 in just a few hours and broke below the support 11 $ 800
- scale 1-hour chart breakthrough took place below the line of the local uptrend
- next support zone is located around 11 000 and 10 800 dollars
At the moment Bitcoin is trading at 11 546 dollars. For the past day the price of the cryptocurrency fell by 10.64 percent.
Yesterday, the bulls made several unsuccessful attempts to gain a foothold above the line $ 13,000. Unfortunately, even a high ratio of long positions to short positions could not growth of BTC. In just a few hours the price of Bitcoin fell below $ 12, “dragged along” for a almost all altcoins to the next bottom.
The fall was strong enough, the bears managed to force the price below the line of the local uptrend in scale 1-hour chart. Trade BTC/USD is now below 100 SMA moving average on the same scale. In other words, by the end of this week, the downward movement of Bitcoin with high probability will continue.
Thus, the main support zone is located around line 10 $ 800. In this area the majority of traders will closely monitor the market, waiting for the right moment to open long positions. I suggest you follow their example and to seek his point for long. Recall that in the scale of 1-day chart Bitcoin is still growing, so bear with a large shoulder is not recommended.
To predict the drain could be a bearish divergence with RSI on a scale of 1-hourly chart.