Analysis of bitcoin prices in anticipation of a strong movement


How may soon behave the price of bitcoin, says the CEO of the service and regular contributor ForkLog Andrey Podolyan.

This week has been very interesting. Last Monday occurred the pulse leap rates, which have been waiting for. Price maximally narrowed its amplitude in a large triangle and then came out of it.

BTC/USD daily timeframe.

Here is the breakdown on close examination:

BTC/USD, the breakout on the daily time frame

The movement for the day amounted to more than $1000, and on different exchanges were completely different prices.

The price surge was due to rising tensions related to the main steilcoom – USDT. The panic has led to the fact that for Tether USD began to buy large amounts of the crypts, to avoid non-trading risks. However, the area of $7300, the last Bastion of resistance to the bears, could not be overcome.

Next, the game involved margin traders and quickly returned almost to the original level. Now continue protorgovki already abroad bearish resistance and it must be a good sign for the bulls.

Continue to monitor the implementation of the shape W, which we identified in the end of August. Recall that the purpose of this figure is $11 000. For its implementation it was important not to go below $5750, with the bulls currently have coped.

W on the weekly chart

This week you can expect interesting intraday movements. With continued growth and approaching the $7300 schedule could make a candle at 1000+ dollars to fix the breakdown.

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