Good evening everyone with this article I conclude the analysis of this morning where we observed a support at $ 5500 that resumed an old media dated 12.11.2017 (for those who had not followed the video analysis can find it here).
Today we continued the downtrend by creating a spike that touches the value of $ 4863, analyzing in more detail the day we find that the lowest price point was reached at 22.00 on the Bitfinex market which, according to data of coinmarketcap.com, it ranks fourth as an exchange with a volume of $ 301,354,917 equal to 2.55% of the entire market on this exchange.
Proceed with order, half-night the price remains stable at $ 5600 and at 2.00 begins its descent touching the minimum price of $ 5552 holding up at 5.00, at 6.00 it generates a very substantial candle and quickly withdraws leaving behind itself a spike as long as the body of the remaining candle.
At 7.00 the price is supported by the support ($ 5485) that is used in the video analysis to identify a support that in the past had been used as a basis before the bullish push, at 9.00 is exceeded
this level and the price collapses to $ 5277 and still creates a half-body and half-spike candle.
The price meets various purchase orders during the morning and holds up until 2.00 pm when it turns towards the bottom
of the chart, dragging the price with it, at mid-afternoon the price seems to have taken a direction
precise and indeed even if at 17.00 a hammer candle is formed that seems to slow down the fall but it is not so.
From that moment the many blogs that deal with the Bitcoin theme begin to spread "BTC to $ 5,000" news and then
we understand where the price will be supported in the evening.
To find a meaning to what happened I used the Fibonacci tracing that showed me (photo)
how the levels were punctuated by this instrument, now we are at the base of the red band that rests on the psychological support of $ 5,000 where many orders have been placed in BUY let's see how much they will hold and how wide this band of support will be.
Waiting for the Asian market and its movements, I think it is advisable to wait before imbalancing and operating on this change.
This article has been translated with Google translate
For those wishing to deepen this is the link of the video analysis of the morning (this video is in italian lenguage)
