BitcoinShort
Bitcoin is dangerously close to collapse
Updated
Once again, Bitcoin is dangerously close to the local lows. Since June, we have many times seen that bulls stand up for protection of the benchmark of the cryptocurrency on the falls to around $6100.
Meanwhile, reversals to decline on the BTCUSD pair are happening on low levels. Last week, the reach of just $6500 became a turning point to the next reversal.
It is worth paying attention to the dynamics of Bitcoin near the important support of $6000. Falling below this mark may entail an almost uncontrolled fall, the remote targets of which can be as low as $3500.
The scenario of possible growth on the breakout of the descending triangle looks less probable, as we see continued lower lows reversals.
Meanwhile, reversals to decline on the BTCUSD pair are happening on low levels. Last week, the reach of just $6500 became a turning point to the next reversal.
It is worth paying attention to the dynamics of Bitcoin near the important support of $6000. Falling below this mark may entail an almost uncontrolled fall, the remote targets of which can be as low as $3500.
The scenario of possible growth on the breakout of the descending triangle looks less probable, as we see continued lower lows reversals.
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On the morning of November 15,2018, the second largest global Bitcoin wallet, which belongs to the Binance exchanged, moved out 109,234 BTC ( $600 million at the current exchange rate). Considering this huge sell-off in the past day, the news in regards to such a big move of almost all Bitcoins from a “cold” wallet may reinforce negative dynamics in the market. It is worth remembering the sharp reaction of the market, subsequent to the sale of BTC and BCH by the Mt.Gox bankruptcy trustee Kobayashi.According to technical analysis, the next important stop could be the area of the previous price consolidation: distant marks near $3,500. A well-known crypto investor, Barry Silbert, has the same opinion. He considers what is happening now as a “cryptocurrency capitulation” due to a deep disappointment in the prospects and falling interest from traders and users.
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