What do We Expect From the Last Bitcoin Growth?
We would like to point out a characteristic picture. During the last two major falls, we saw a strong splash of selling volumes. Many traders and investors sold Bitcoin and exited the position.
During the current growth, we also see an increase in volumes, but it is significantly less than during the previous falls. At the same time, the current growth exceeded the previous fall. Such a disposition may indicate that this growth is temporary or corrective.
If you look at the Stochastic indicator, you can clearly see that this increase in price is nothing more than a new upward wave in a larger downtrend. In addition, we see three peaks on this indicator in the overbought zone. This means that the bulls, 3 times, did not have enough strength to move the price further. Concurrently, it shows a bearish divergence.
Based on this, we can say with confidence that in the next 2-3 days we should see the price drop to the $10,450 level. And if we take into account the global trend, during which the fall has not yet reached its limit, then next week the price may fall again to $10,000 or even lower.
During the current growth, we also see an increase in volumes, but it is significantly less than during the previous falls. At the same time, the current growth exceeded the previous fall. Such a disposition may indicate that this growth is temporary or corrective.
If you look at the Stochastic indicator, you can clearly see that this increase in price is nothing more than a new upward wave in a larger downtrend. In addition, we see three peaks on this indicator in the overbought zone. This means that the bulls, 3 times, did not have enough strength to move the price further. Concurrently, it shows a bearish divergence.
Based on this, we can say with confidence that in the next 2-3 days we should see the price drop to the $10,450 level. And if we take into account the global trend, during which the fall has not yet reached its limit, then next week the price may fall again to $10,000 or even lower.