Crypto-currencies started the new week down
A new week for the stock market began a c minor notes. Monday, September 24, during the European trading session, the buyers after the breakout of the trend line began to close long positions. And the players went into Fiat (USD) and teaser (USDT).
I will remind you that initially the fall of the stock market stopped Ethereum, when the price jumped from $169. Then the baton was received other electone. Ripple, Stellar and ADA rose on the news that they have added to OKCoin. I believe that the growth rate of bitcoin altcoins provoked a series of positive news.
Since any news have a short term impact on market, profit-taking from long positions in altonah, caused a downward wave in the pair bitcoin/USD. Monday, September 24, trades were closed lower on bitcoin to $6585. Tuesday in Asia, the drop increased to $6369. Those who thought that started a new rally, was disappointed and through the closing of the long positions provided additional support to the us dollar.
Price retraced to 61.8% of the rise from $6,100 to $6840. Now the market needs to form the last bearish wave on the daily timeframe by 30 September-01 October and you can safely wait for new year rally.
I admit that until October sellers go under $6 thousand For the implementation of the “bear” scenario you need to look at the struggle of buyers and sellers in the $6215 – $6325.
At the moment, buyers groped for temporary support. I think after the consolidation the drop in prices will continue.
How much time will it take to consolidate?
In the current situation I see two scenario:
1. With the current level of $6404 generated rising trehanoc to $6530, and then fall to $6160.
2. Accelerate to $6212, then will pause for 7 hours and then tested $6150.
In the first case it is necessary to prepare for the breakdown of a $6150 for bitcoin, and the second to rebound from it. If BTC/USD fell through $6100, then the footsteps will be followed by a decline to $5700. The market is close to reversal, need to wait a bit.