Where will bitcoin fall in the coming days?
Bitcoin has finally woken up and confirmation of this can be seen on the chart. During the day, its price increased by 8% and reached the level of $11,394. Trading volumes also skyrocketed to $35 billion according to CoinMarketCap, which we haven't seen since mid-May.
What to expect from bitcoin now?
After the breakout of the ascending triangle at $10,300, the price almost instantly went to the $11,000 level. After a little consolidation, we saw another $500 jump.
On higher timeframes, the candlestick shadow is clearly visible, which exceeds its body. This indicates strong resistance at these levels and massive sell-offs. Therefore, it would be unwise to long from the current levels.
On BitMEX alone, $120 million of short trader positions were liquidated. Most likely, we will see a similar picture on other large exchanges, so the total amount of liquidation is in the region of $400 - $500 million.
On the 15-minute timeframe, the “Head and Shoulders” reversal pattern is formed. Now the chart is drawing the right shoulder.
Considering all of the above, the most likely continuation of the situation will be a decline first to $10,800, and then to $10,500. A similar alignment may occur in the coming days, as volatility has increased sharply and is likely to be high after such a sharp rise.
What to expect from bitcoin now?
After the breakout of the ascending triangle at $10,300, the price almost instantly went to the $11,000 level. After a little consolidation, we saw another $500 jump.
On higher timeframes, the candlestick shadow is clearly visible, which exceeds its body. This indicates strong resistance at these levels and massive sell-offs. Therefore, it would be unwise to long from the current levels.
On BitMEX alone, $120 million of short trader positions were liquidated. Most likely, we will see a similar picture on other large exchanges, so the total amount of liquidation is in the region of $400 - $500 million.
On the 15-minute timeframe, the “Head and Shoulders” reversal pattern is formed. Now the chart is drawing the right shoulder.
Considering all of the above, the most likely continuation of the situation will be a decline first to $10,800, and then to $10,500. A similar alignment may occur in the coming days, as volatility has increased sharply and is likely to be high after such a sharp rise.
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