The fall of bitcoin can be sharp
Buyers fails to break the upper border of the descending channel. If yesterday they made to close the daily candle at $11 467, that would have been formed candlestick formation bearish engulfing. They bombed from $11 438 and managed to close with an increase of 1.37% above $12 000.
After an evening of fighting the market is now again is in a corrective phase. Of the 12 candles until only two bearish. If you compare the recent growth rally from June 10, 12 days is not the limit.
Buyers have enough time, but it should be wary. If today or tomorrow at the latest until 12 UTC, customers will not be able to pass $12350, then the market may begin a long phase of decline until September 10 (in cycles). The fall of bitcoin can be sharp, if protective assets, too, will enter a corrective phase. In September we expect new trade negotiations with China.
Given that Alta has long blown away and no signs of life, against the background of rising shares of the bitcoin pair XBPUSD still able to test the level of $13 000. The harbingers that indicate the correction appeared, but as the signals for reversal yet, the forecast for growth remains bitcoin is still in force.
Fig. 1 Day TF, XBTUSD – Bitmex