EagleFX

The price of Bitcoin impulsively started decreasing from yesterday’ interaction with the 0.618 Fibonacci level which ended as a rejection. The price fell by over 20% indicating strong seller’s pressure. Small recovery has been made but it is likely a corrective recovery which is set to end shortly as another downturn should start soon.

  • Interaction with the 0.618 Fibonacci level ended as a rejection.
  • The price is set to go significantly lower if we are seeing the starting downtrend of a higher degree.
  • The first support area on the way down would be at $8500.

Bitcoin Price BTC

Bitcoin Analysis BTC/USD

From yesterday’s high at $13212 the price of Bitcoin decreased by 21.23% as it came down to $10407 at its lowest point today. Yesterday’s high was an interaction with the significant 0.618 Fibonacci level which ended as a rejection and caused the price to start moving to the downside in an impulsive manner.

 

Looking at the hourly chart you can see that the price came below the 0.5 Fibonacci level and stopped out at the minor ascending trendline from the from 10th of June from when the last five-wave impulse started developing.

As the price found support there an immediate recovery has started which managed to pull the price back above the 0.5 Fib level and is currently being traded at $118816, slightly below today’s high at $12012.

The price recovered by over 14% today measured to the lowest spike to the highest point today but it appears that strong resistance has been encountered as indicated by the last hourly candle. This recovery appears to be correctional and is most likely the 2nd wave out of the starting downtrend.


Cryptorocket

I wouldn’t expect it to go above $12451 which would be a 0.618 Fib from the impulsive decrease if the corrective movement is in play.

We’ve seen the completion of the five-wave impulse from 10th of June which could have been the 5th wave from the higher degree count which I believe that it was.

If this is true, then we are going to see further downside for the price of Bitcoin in the upcoming period as a correction of the same degree should develop.

On the hourly chart, you can see that I’ve projected a target to around $6914 but the price of Bitcoin could go significantly lower as it would be only the first wave to the downside.

The five-wave move might not develop and we could instead see a three-wave correction to $8500 before further upside continuation but considering the seller’s momentum seen from yesterday I don’t believe that Bitcoin’s price is going to continue increasing further.


Buy Crypto    Trade Crypto
eToro Risk Warning: 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Avatar

Posted by Nikola Lazić

Nikola holds a bachelor degree in Sociology, which gives him an edge as a financial markets analyst, i.e., to better understand the psychology behind the crowd´s positioning. Consequently, his preferred analytical tools are Elliot applications, combined with Fibonacci cluster formations. He started learning more about financial markets back in 2015 and is now a full-time trader.As a crypto expert, Nikola´s approach to the future of the industry favors a more decentralized market that falls in line with a new “anarchic” capitalism trend. His analysis have been praised by some of the most influential people in the cryptocurrency scene, such as Jeff Berwick (founder of The Dollar Vigilante Newsletter), Vit Jedlicka (the president of Liberland), as well as other relevant peers.


All content on DemandSolutionNews.com is provided solely for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, product, service or investment. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate.

One Comment

  1. Avatar
    Toma Yahukov RichburgJune 28, 2019 at 3:00 pm

    Is Bitcoin a cryptocurrency or stock security? Can you truly apply indices used to monitor and discuss stock security trading to cryptocurrency trading? Isn’t it this type of thinking that makes people buying Bitcoin relate to Bitcoin as a security asset and not as a digital cryptocurrency (which it is)? Is’nt it this misconception, and mindset, that has caused some ICOs to fall into the category as Illegal ICOs in the United States? Finally, isn’t it this misconception about the true nature of Bitcoin that blurs the line between whether, or not, it should be regulated by the SEC?

    Reply

Leave a reply . //