a break of which would ultimately prove to have a strong downward move. Further, the year-on-year loss now stands at 32 percent, as prices were trading well above 7,600 on Nov. A move above the former support-turned-resistance of 6,000 would invalidate the bearish setup. Wyckoff Distribution phase on the 30-minute candle; we are now heading downward as the supply is overwhelming the market: Figure 1: BTC-USD, 30-Minute Candles, Wyckoff Distribution. The sharp losses in the major cryptocurrencies have pushed the total market capitalization down to a 13-month low of 172 billion. This analysis is for informational purposes and should not be considered investment advice. This trendline has historically proven to be a point of reversal and, at the time of the article, is rejecting the trendline for the fourth time. If the 23 values break and dont hold support, we can definitely expect strong support in the 38 values that will require multiple tests if it tries to break the 38 support. As of writing, BTC is changing hands at 5,283 down 5 percent on a 24-hour basis and 16 percent week-on-week according to CoinDesks.
Bitcoin Price Analysis: Market Correction Could See Lows of 5,800
Bitcoin Price Analysis: Market Correction Could See Lows
Bitcoin Update: The Roadmap Back to 5,800 Crypto Update
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Bitcoin has since broken the 7,000 support level. While there is no black on white answer for this by me particually I must say that I am in a group that keeps me updated at all times about bitcoin and other coins, they have analysts who I can ask such questions any day. Prior to the breakdown in price, the market rejected the historic resistance line, which has signaled a strong reversal point throughout the markets history. As predicted in the previous bitcoin analysis, we are currently finding support along the 23 Fibonacci Retracement values in the lower 6,500s. More importantly, both 50- and 100-week EMAs have shed bullish bias. Meanwhile, XRP, the second-largest cryptocurrency as per market capitalization, is reporting.5 percent drop. . Bitcoin chart image via Shutterstock; Charts by, trading View.
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