Recent Bitcoin Movement
Since last week
The last 5-7 days have been particularly interesting for Bitcoin. We have seen a sharp decline in price direction and a further downtrend is inevitable.
Bitcoin also created some panic on Kraken a few days ago which made traders believe that some price manipulations might just be inbound as BTC was seen around 101 USD per unit for around 3 minutes.
Well, BTC has lost around 15% since last week before we began to see recent bearish signals. Also, around $15 million was hauled away by market big fishes in a price manipulation move which initially saw bitcoin below the $8500 resistance zone. This is a shock from which we hope bitcoin should recover soon.
State of the cryptocurrency market
State of the market as at Wednesday, 4th June 2019, analysis shows that BTC/USD market is very bearish and every indicator points to a further downward trend. We have seen over the past few days how Bitcoin has failed to break major resistance at the $9000 level and has also missed a support level at $8000 corridor. Presently testing the $7500 area, we expect major support at this corner and a retracement back to $8000. Convergent analysis all conform at this time that bitcoin might likely, within the next few days, repeat this series of short wavelike price movements between &7000-$8000 before its next bullish rally begins.
Temporary price action and the big goal
However, the parabolic price action of bitcoin predicted around 3 weeks ago is still in place as the next bull market is expected to follow this pattern up to $14000 in the long run.
This present rapid bearish price movement is only temporary but presents opportunities to enter the market at a much more reduced level compared to the peak recorded some weeks back.
On a weekly range
On this weekly price analysis, there are a few conclusions: a price breakout below $8000 level has possibly opened the road to a radical downward approach towards $7000 with a major support zone at $6500. This will eventually be the beginning of the next long bitcoin rally and the very last opportunity to join the train below $10,000.
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