Bitcoin Price Analysis: Where Will Sudden Growth Lead
Last week, idea of a bear flag has fully realized, and bitcoin price fell by almost $ 500. During the month bitcoin price smoothly grow up and "unloaded", reaching a critical point of the flag. A similar situation was in early September, when the first bearish flag was in place and its decline also slowed drop to the $ 6,100–6,200. This zone is still insurmountable for bears, there is a large number of buy orders here.
On the weekly time frame, a terrible flat continues. To implement the W figure, the main thing is not to drop below $ 5,750. While all within the framework of the theory.
The daily chart also shows flat. The price already practically has no place to move within a global flat triangle. Amplitude of the movement falls every week more and stronger, so the subsequent impulse will be powerful.
Most likely, traders will wait for some serious news, which will greatly shift the price and set the direction vector for the coming months. In this regard, the situation with the Bitfinex exchange, which last week was freezing the input and output of fiat funds, does not look very good. Plus, the constant rumors and attacks on the main coin of the USDT exchange begin to rock the boat. Let's hope all this is just a rumor.
This week I look forward to returning the price to $ 6,666-6800.
Addition: since the forecast was realized before the release of analytics, it should be noted that the price of Bitcoin begins to overcome many months of resistance! And committed to the price of the Bitfinex exchange, where there was an anomalous increase to the level of $ 7,250. Perhaps some big player got rid of the USDT and exhausting flat, finally, finished. At the top of the horizontal red lines marked important levels. A clear break through and a trend reversal for me will be formed at $ 7300.
Disclaimer: the analysis compiled before a sharp rise in the rate of Bitcoin on Monday morning and supplemented with a new picture.