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The analyst spoke about the scenarios for the fall of bitcoin below $ 50,000


Disclaimer

Financial market forecasts are the private opinions of their authors. The current analysis is not intended to be a guide to trading. ForkLog is not responsible for the results of work that may arise when using trading recommendations from the presented reviews.

Nanny Ventures analyst Vladimir Kavetskiy talks about the current market situation.

Bitcoin closed above the $ 56,000 mark last week, breaking the uptrend and support levels. On the daily chart, the quotes reached exponential averages of $ 52,000- $ 51,000, from where the fall was actively bought back. But the likelihood of a decline remains if buyers fail to gain a foothold above $ 58,000 in the coming days.

One of the most obvious scenarios for a decline is a retest of the $ 60,000 mark with a subsequent renewal of lows. Support levels for such scenarios are already being seen – $ 47,500- $ 48,500 and $ 41,500- $ 39,000 (if the price does not hold at the first line).

It is possible to speak about ATH renewal only if it consolidates above $ 60,000. The market picture is extremely unclear, this factor should be taken into account when opening positions.

On 2- and 4-hour charts, the picture is even more tense, the price is kept above the local trend line and pinned with a possible exit in any direction. They are buying them for now, but today or tomorrow it is extremely important to gain a foothold above Monday’s POC – $ 57,000. The technical picture looks bearish.

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Fidenge Pecold

My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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