The decline of bitcoin below $6000 can mean game over for the market
“Black week” of the cryptocurrency has spawned a variety of forecasts and scenarios. Including such as is represented by one of the most respected American experts on technical analysis Jeff Degraaf — falling below $6000 may be the beginning of the end of the cryptocurrency market.
A corresponding script is contained in document for investors, prepared by Renaissance Macro Research, where Degraaf head of technical analysis.
Parameter, which is worth paying attention to is key from the beginning, the level of support for bitcoin, the document says. “Parabola — very dangerous to short-seller trajectory… the Price may drop for months, but once the support level is breached — it can be a very long time, or even will mean game over, noted Degraaf. — Of course, we are talking about bitcoin as the most typical example for today’s market”.
Degraaf is one of the most famous and renowned experts in the field of technical analysis wall Street over the past twenty years. During his career he more than 10 times, won the rating of experts on technical analysis, Institutional Investor Magazine, and in 2014 became a member of the hall of fame of Institutional Investor’s Research.
Interestingly, one of the most famous analysts in the world of cryptocurrencies That recently spoke about this same line in a similar manner. “Bitcoin is not broken, if it holds at these levels, noted Lee. — I think people are just afraid of what will go down again to $6000 and will never escape from the clutches of the bears.”
The second half of the day August 10 bitcoin fell back slightly from the edge presented by the experts of the divide, having played for almost 3% yesterday and is trading at levels just above $6500 per coin. However, given that the “black week” he lost a little more than 12% of the cost of particular safety margin is difficult to call.