Two days ago I explained about the high likelihood of obtaining a breakage upwards of an "ascending triangle" pattern on BITCOIN in this post.
The statistics indicates that on this kind of pattern, the likelihood of success is around 73%
Obviously, 27% of failure probability is not something minor and you have always to take into consideration the risk of placing your entries in whatever scenario or pattern.
But, what no one was expecting at this moment is this new which talked about the detection of 50 BTC movement from a BITCOIN wallet created on the very first month after the launching of BITCOIN.
How the market reacted to this new? Obviously, when someone tells you that there is a move on a wallet address never experimented since its creation in 2009, people tends to think that a higher quantity of BTC are going to be put in circulation in the coming future.
At the time that new was published, the resulting reaction has been a cascade down.
50 BTC move has triggered the BEARS?
Ok, that seems to be the most likely cause. Also the miners capitulation trying to get the most of their mined BTC to cover costs are the two possible variables which pull the trigger of the fall.
The question is, where is the support now?
I don't see such an increase of selling sustained volume which would justify lower lows at these moments.
In my opinion, it looks is going to land on the interval level between 8900 and 8500 USD since it looks sufficiently resistant to hold the drop now. That's the level on which I am "recharging" positions again.
But perhaps I am wrong again :-) .
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
Posted Using LeoFinance