The price of bitcoin has plunged over 20 percent in recent days. This might be probably the quickest and the biggest drop in history. It could be caused by one time factor of selling about 30 000 BTC which has been transferred to exchanges last week. If the supply is over, in the short term the market may try to defend potential support.
It is set by the equality to the correction from January so it looks like running one to one correction. If 45 000 USD is defended the wave C may be finished. If not, the next potential support could be set by the previous top and the line drawn through the bottoms at 42 000 USD.
It seems that only a move below this level may change the whole view from bullish to bearish.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
76.44% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
It is set by the equality to the correction from January so it looks like running one to one correction. If 45 000 USD is defended the wave C may be finished. If not, the next potential support could be set by the previous top and the line drawn through the bottoms at 42 000 USD.
It seems that only a move below this level may change the whole view from bullish to bearish.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
76.44% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.