Why falling Bitcoin stopped?
On Wednesday, the bitcoin has risen in price to dollar on the symbolic amount of $5.5. During the day the trades were in narrow range of $3959 to $4045. After the fall of the course with $4130 to $3945 (-4,47%) flet lasted until the next collapse of 38 hours.
If January 6 rally coincided with the close of trading in Europe (17:00 UTC) today price fell from open of the European session (red bar). For rise and fall no news was not.
After breaking two important support (at $3981 is the lower channel line and $3857 is the trend line), the fall accelerated to $3736. Sunday, January 6, the volume per hour was $307 million with a Delta of +$60 million dollars. Purchases were greater than sales. Today I observed the sale of bitcoin. Per hour amounted to $368 million, Delta – minus $111 million Delta in the fall was more than the growth on 6 January.
Why the decline stopped at around $3736 for bitcoin?
1. There goes the trend line, built on the values of $3565, $3615, and through the level of $3630.
2. 76.4 per cent of the rise from $3615 to $4130.
Sunday, January 6, after an hour of rally correction lasted 33 hours. Price has corrected 50% of the range of the candle. After today’s fall we can expect a similar correction by 50% for 30 or 33 hours. Benchmarks are all relative. Sellers enough to push the region in the neighborhood of $3700 and will resume the downward movement to $3430. If it will not stand, then the new force will resume bearish trend to $3200 for bitcoin.
Analyst of information and analytical center,