The Bitcoin exchange rate fell sharply, buyers leave the market of cryptocurrencies
Monday, may 21, the pair bitcoin/USD closed lower. After two unsuccessful attempts to consolidate above $8600 buyers lose my morning profit. They began to close long positions when the price went from the upstream end of the triangle. Then the sellers have successfully passed the support for $8425 and knocked the price of the B-channel B. After tyboroen the 38.2%, they were on the 50% level. After a 7-hour consolidation Bitcoin fell against the dollar to $8216.
Now buyers are in search of the fulcrum, in order to start a new ascending movement under the weekly “hammer”. Strong support zone for intraday fluctuations is $8170. The fall of bitcoin exchange rate below it will indicate that the buyers gave up and it is better to refrain from purchases of bitcoin. In this case, the cancellation of the weekly “hammer” will increase dramatically.
During the downward movement from $8400 marginal buyers began to close long positions. 90% sure that many items worked protective of the foot. From sellers also observed a reduction in short positions, but they are reduced due to profit taking.
At low volumes and the absence of positive news for the stock market the sellers can get $8170 $8060 (200% fibochannel, see yesterday’s daily chart). If the price closes below the trend line TR, then again, I direct your attention to the levels of $7300 – $7400.