As described on the plot, first red candle on weekly time frame indicates long term correction up to previous high/support level.
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Bitcoin Fork was suspended/cancelled that may cause price to move down.I believe many people invested in Bitcoin recently (that pumped up the price) as they wanted to double their coins due to 'fork'. I know people taken big loans (10k-20k$ or more) expecting to make a quick profit alike it happened on Bitcoin Cash. If 'fork' will be cancelled then the same people will be forced to sell their bitcoins to pay back their loans. for that reason I believe price of the Bitcoin will go down.
"2x Called Off: Bitcoin Hard Fork Suspended for Lack of Consensus"
coindesk.com/2x-called-off-bitcoin-hard-fork-suspended-lack-consensus/
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Price just strongly moved down, at the moment we have 6750$, expecting price to move even lower.Trade active
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.