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After the catastrophic collapse that saw the cryptocurrency market lose $ 36 billion in two days, savage theories abounded in manipulation and insider trading. However, a chart by FXStreet showing a larger analysis in the year reveals that the recent breakout at $ 7,500 was actually outside the expected trend pattern, indicating that prices may have been excessively inflated.
While the $ 74 million short position placed just a few days before the fall was possible was the result of insider information, it could also be an expert trader who expects a correction on a too bloated market.
Now that BTC has returned to normal performance, the popular technical analyst Edward Morra predicts that the downward trend will likely continue. This is linked to most of the analysis of last week that predicted that BTC would re-submit the levels below $ 6,000 before recovery.
All alts across the board carry down bearish withdrawals of broken levels (necklines, S / R rivets, bearish blocks). Not listed to people who tell you that the alts seem bullish. At best they look – neutral, but if to be honest – bearish pic.twitter.com/k2NQodPlYz
– Edward Morra (@edwardmorra_btc) September 7, 2018
To further cement this analysis, CNBC has [19659002] reported a bullish sentiment from one of its analysts – a sure sign is coming a bear market. Brian Stutland, speaking on CNBC's Futures Now, admitted that he is short of BTC but believes he can see $ 7,250 on the CBOE futures contract.
Morra believes that the recent volatility will have to fade and stability must return to the market before the cryptocurrency out and rebound. While a further decline is imminent, Shapeshift CEO Erik Voorhees does not believe he will reach $ 5,000.
Although long-term technical support is likely to be around $ 5,700, mining costs could lead to stronger support at $ 6,000 as they struggle for profitability. The revelations according to which the news of Goldman Sachs who demolished his Bitcoin trading plans was false could also drive up the price.
In the short term, regardless of any further volatility due to excessive inflation or manipulation, BTC will likely continue to trade horizontally between $ 6,000 and $ 6,400 for the following weeks.
BTC is currently trading just under $ 6,500, up 0.71% in the last 24 hours.
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