Analysis: Bitcoin Survived the Most Difficult Week Since November
June 10, 2019, by Marko Vidrih on ALTCOIN MAGAZINE
The cryptocurrency market opens a new week with a decline — at night, the Bitcoin exchange rate, which was trading around $8,000 over the weekend, approached $7,500, after which it returned to $7,700 along with Asian traders entering the market.
The red candle that closed last week was the longest since the sharp fall in November. The opening price was $8,742, the closing price was $7,634.
“Heading, no pun intended, into the right shoulder of the Head and Shoulders pattern should happen soon. After that, all bets are off. Could still take a week or so to develop. Expecting choppy higher prices this week. Proceed with caution,” writes analyst @CryptoFib.
“I think $ 6,800 — $ 6,200 is a huge area to buy. I don’t know if the price will drop there, but I know what I’ll do if it happens,” adds analyst Alex Kruger.
Every time when the price of Bitcoin reached 92–95 on the RSI indicator on a three-day chart from 2015, it fell by more than 30% over the following months, before resuming growth. We recently reached this level. Will something change this time? If not, we can expect a drop to $6,500 or so.
The movements of Bitcoin during the last week copied many large altcoins, having lost 10–15% in value. The capitalization of the segment, along with this relatively recent peak, fell by $25 billion.
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Author: Marko Vidrih
Chart by TradingView
