Price The breakthrough happened, strong selling pressure started at the 6500 level and pierced easily all supportive levels until 6300, bringing the price below the lateral wedge formation. Such behavior inclines the assessment of the situation towards the bearish forecast, targeting the support zone 5750 – 6250. Despite the fact, that the price did not reach the 6250 level yet, the absence of buying volumes on current levels hints that soon the main support zone of the year (5750 – 6250) will be tested. In case of a breakthrough below 5750 the way downward to 5000 psychological support will be open.
Today forecast Downtrend. Support zone: 6250– 5750.
Latest news
Record-low market capitalization and Elliott Waves forecast of the $4700 bottom. The total value of crypto assets on the market currently stands at $ 203.4 billion, which corresponds to values a year ago. This observation was shared by The Block analyst Larry Cermak. “The market capitalization as well as volumes of top 50 ERC20 tokens have hit 1-year lows.” - @lawmaster It is noticeable that the dynamics of the trading volumes of the top 50 ERC-20 tokens closely correlate with the market capitalization indicator. The trade activity of the latter also reached the past-year levels. It is worth noting that currently, the price of Bitcoin is rapidly falling, which traditionally has a strong pressure on the whole crypto market. Six weeks ago (September 14), a supporter of the Elliott wave theory, Avi Gilburt, suggested that the bottom of for bitcoin price will be found at the $4700 level. According to Gilburt, before going down to the level of $4700, the BTC price will “walk around” for a while in the $5000-6000 range. According to its wave layout, the bottom will be reached around mid-December of the current year.
According to all bears, Bitcoin should be around just $2000 but they're cracking their head around why it is not going there since 2018 February -_-
DestinationMoonCrypto
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@WealthHustler, Totally agree with you. Also, unfortunately, the same can be said about the forecasters of the new Bitcoin XXX growth... The most important thing for now, as on my opinion, is to determine, whether 5750 - 6250 zone will have enough support stop the price fall until the 2019 year because it seems that nothing positive will happen in 2018.
WealthHustler
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@DestinationMoonCrypto, I think there's not much any selling pressure, that is why we're seeing low volume dumps. Even if we break 6K and retest 5800, I believe the volume will be very lower than previously it had at that levels when it visited. About positivity/negativity its BS, because many great things happened which didn't made any difference to price of Bitcoin recently and same with negativity.
DestinationMoonCrypto
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@WealthHustler, I think that on current levels exactly the lack of demand lowering the price, or if even make support levels thin enough to drop the price. What I mean about positivity is some real happenings, SEC approvals for Bitcoin ETFs or public appearance of big institutional players, not only forecasts and plans. It seems that today the big moves only possible with the support of institutional investors, which holds away from the market for now.
Thank you for your comments, I appreciate your opinion.