Bitcoin experienced an unpleasant fall. The cryptocurrency dropped from $ 9,800 to $ 8,800. At the time of writing, it is trading at $ 9,200. Will the bearish trend continue? According to the analytical company Coinalyze, three indicators point to a fall kryptoměny. Some traders also joined the sad prediction.
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Bitcoin could soon visit $ 8,600
Bitcoin now appears to be in a declining trend. This is despite the fact that it has been trading at virtually the same level for a long time. The cryptocurrency cannot get above $ 9,500 and $ 10,000. The bulls seem to be tired.
An analyst at the popular site NewsBTC believes that we will fall to a strong level of 8600 USD. A fall below it would mean a much worse fall.
“Bitcoin: It all depends on maintaining the level of 8600 – 8800 USD. If we succeed, there will be a bullish turnaround. But I don’t really believe that. Another higher minimum can be created. Further testing of $ 10,500 would mean a bullish trend. A drop below 8600 would mean another continuation of the bear. “
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A chart created a few days ago is still valid. Bitcoin flirts with $ 9,400, but trades around $ 9,200.
Three factors point to a bearish trend
Bitcoin seems to be in a declining trend.
The analytical company Coinalyze talked about this in its latest post on the social network Twitter.
„Bitcoin 4h:
Theoretically, we are in a strong falling trend.
The fall in prices plus the rise in OI and the fall in CVD mean strong bearish pressure.
Also, check out how the best traders trade at Binance.
Maybe the more experienced have a different perspective. “
Theoretically this is a strong downtrend
Price fall + OI grow + CVD fall -> strong downtrend
Also, look at Binance top traders positions trend.
Maybe other more experienced traders have a different perspective…https://t.co/0xZLfgEt5R pic.twitter.com/1KCjnSRX9K
— Coinalyze (@coinalyzetool) June 29, 2020
Open Interest is an indicator used for contracts. Shows how many contracts are open for a given time period. This indicator is growing.
Cumulative Volume Delta (CVD). This volume falls, indicating another drop.
Both indicators are relatively rare and are used mainly in contract trading. Thanks to the huge volume, they practically control the entire price. Only 20% of BTC is traded. The rest of BTC 18,000,000 is lost or a long-term investment.
Bitcoin is very lazy so far. However, indicators show that it is preparing for a big move.
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What do you think? Shall we fall below?
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