Bitcoin Today: fall to $4700 is possible?
Price
The breakthrough happened, strong selling pressure started at the 6500 level and pierced easily all supportive levels until 6300, bringing the price below the lateral wedge formation. Such behavior inclines the assessment of the situation towards the bearish forecast, targeting the support zone 5750 – 6250. Despite the fact, that the price did not reach the 6250 level yet, the absence of buying volumes on current levels hints that soon the main support zone of the year (5750 – 6250) will be tested. In case of a breakthrough below 5750 the way downward to 5000 psychological support will be open.
Today forecast
Downtrend. Support zone: 6250– 5750.
Latest news
The breakthrough happened, strong selling pressure started at the 6500 level and pierced easily all supportive levels until 6300, bringing the price below the lateral wedge formation. Such behavior inclines the assessment of the situation towards the bearish forecast, targeting the support zone 5750 – 6250. Despite the fact, that the price did not reach the 6250 level yet, the absence of buying volumes on current levels hints that soon the main support zone of the year (5750 – 6250) will be tested. In case of a breakthrough below 5750 the way downward to 5000 psychological support will be open.
Today forecast
Downtrend. Support zone: 6250– 5750.
Latest news
- Record-low market capitalization and Elliott Waves forecast of the $4700 bottom.
The total value of crypto assets on the market currently stands at $ 203.4 billion, which corresponds to values a year ago.
This observation was shared by The Block analyst Larry Cermak.
“The market capitalization as well as volumes of top 50 ERC20 tokens have hit 1-year lows.” - lawmaster
It is noticeable that the dynamics of the trading volumes of the top 50 ERC-20 tokens closely correlate with the market capitalization indicator. The trade activity of the latter also reached the past-year levels.
It is worth noting that currently, the price of Bitcoin is rapidly falling, which traditionally has a strong pressure on the whole crypto market.
Six weeks ago (September 14), a supporter of the Elliott wave theory, Avi Gilburt, suggested that the bottom of for bitcoin price will be found at the $4700 level.
According to Gilburt, before going down to the level of $4700, the BTC price will “walk around” for a while in the $5000-6000 range. According to its wave layout, the bottom will be reached around mid-December of the current year.
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