Bitcoin is the second week in a row shut down
The price movement of Bitcoin on the weekend was a real event. The leading cryptocurrency had been on the verge of supporting a large part of the weekend, as the bulls were able to successfully defend against boost prices to at least level 9 $ 200.
But, despite all the efforts of the bulls, the week was closed at around 10 $ 140. Red the closing of the weekly candle is the second negative weekly closing in a row. Since the beginning of February, only 9 of the 29 weekly candles closed red. So it is easy to see that the price movement of Bitcoin is largely determined by the bulls. However, the first signs that bears may come to power, you can see on the weekly price charts.
This is the first consecutive weekly close of the red candle since the bullish start for the first time began in April. In front of two red weeks in late January, another time when the price of Bitcoin has closed two red candles in a row, she was at the bottom of December 2018.
Weekly MACD has also recently turned negative for the first time since it was established the bottom, and Bitcoin continued the next parabolic rally. The price of bitcoin in 2019 has increased from lows of about $ 3,000 to highs near the $ 14,000 and since then konsolidiruyutsya or perhaps adjusted.
After the close of the red candle on the majority of exchanges there has been an immediate price jump of more than $ 500, which led to the elimination of more than $ 52 million in “shorts” on the stock exchange margin trading BitMEX.
Despite the push, the bulls failed to hold short-lived growth, and Bitcoin has dropped to $ 10,300 But the bears also failed to push the price of Bitcoin below 9 800 because of the strong daily close of the candle, leading to a slow lateral movement rates. The market is currently indecisive, and the next important step should lead to a clear choice from the point of view of short-term price movements. A break above $ 11 000 must send a signal to the bulls and the bears that the correction is over and growth will resume.
Bitcoin price may test the lower part of the weekly range. If after these two consecutive red weekly candles lower price level be exceeded, this may indicate that Bitcoin is the recovery time.
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The Company FXOpen