We are waiting for a further fall of Bitcoin

2020年9月22日

On the chart, we can see that the price almost reached the upper Bollinger band on September 20th. After that, we saw a fall to the middle line and as a result, the candlestick closed below it. This is a signal for a further fall. For this indicator, the drop should occur to $9,912.

Stochastic turned down and left the overbought zone. However, its structure suggests that the fall now looks more likely.

As a result of a 5% decline, Bitcoin returned to its previous support at $10,300. This is where the last 10% increase came from. However, a quick return to this level does not bode well. In the coming days, we will see bear attempts to push the price even lower.

With that said, we think that the price will first drop below $10,000 and try to gain a foothold there. A short time later, we will see a sharp decline to $9,000. After these events, it will be possible to judge the further movements of bitcoin.

It should be noted separately, that the inflow of Bitcoins from miners to exchanges has increased. This suggests that they are also not sure about further growth and are trying to take profit now. If we take into account that these are quite large players on the market, then there is practically no doubt about a new fall.