Bitcoin will falling
Last week we gave a forecast for Bitcoin's growth to $11,000 and in the end, it was correct. However, this growth can be called corrective. At the current moment, the market is not very active and there is a high weakness of the current growth. Why do we think so?
- The growth was on the background of declining volumes
- The Stochastic indicator has broken through the overbought line and is turning down.
- Consolidation in the $10,100 - $10,300 range was short-lived after huge liquidations of $1 billion.
Most near support is $10,000. This is indicated by the Fibonacci grid of March, 12. However, there is great doubt that this level will be able to resist. Earlier, 7 days in a row, the price dropped in the range of $9,800 - $10,000, but then the daily candles invariably closed above $10,000. This could be a sign of purchases at these levels that have sold out in the $10,800 - $11,200 range.
Therefore, in the coming weeks, we will again see a fight near $10,000. When this level is taken, the price will quickly decrease to $9,000. Just this level is now the main support for Bitcoin price.
- The growth was on the background of declining volumes
- The Stochastic indicator has broken through the overbought line and is turning down.
- Consolidation in the $10,100 - $10,300 range was short-lived after huge liquidations of $1 billion.
Most near support is $10,000. This is indicated by the Fibonacci grid of March, 12. However, there is great doubt that this level will be able to resist. Earlier, 7 days in a row, the price dropped in the range of $9,800 - $10,000, but then the daily candles invariably closed above $10,000. This could be a sign of purchases at these levels that have sold out in the $10,800 - $11,200 range.
Therefore, in the coming weeks, we will again see a fight near $10,000. When this level is taken, the price will quickly decrease to $9,000. Just this level is now the main support for Bitcoin price.
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.