Bitcoin Price Analysis: BTC Is Waiting For Strong Movement
Previous week was very interesting. Last Monday, there was an impulse price spike, which has been waiting for so long. The price maximally narrowed its amplitude in a large triangle and then went out of it.
There is how breakdown on closer analysis looks:
The daily movement was more than $ 1,000, and there were completely different prices on different cryptocurrency exchanges.
The price spike was caused by the increase in tension associated with the main stablecoin - USDT. Panic has led to the fact that for Tether USD began to redeem large volumes to avoid non-trade risks. However, bulls couldn't broke a resistance of $ 7,300 zone.
Next, margin traders joined the game, who rather quickly returned the price to almost the original levels. Now traders is continuing tradeand this must bring a good sign for the bulls.
We continue to follow the realization of figure "W", which we have outlined at the end of August. Recall that the purpose of this figure is located in the region of $ 11,000. For its implementation it was important not to leave below $ 5,750, with which the bulls at the moment managed.
This week may bring interesting intraday movements. With continued growth and approaching the $ 7300 zone, the schedule may well make a candle for 1000+ dollars to fix the breakdown.