On Monday, the bitcoin rate has started to decline, breaking the formation of the triangle downwards and the upper border of the ascending channel downwards. The price started following a bearish movement scenario, although had all the chances to go in growth. Frank now there is a lull after wild volatility last week, it is clear that the impetus to growth came from the market temporarily or permanently .
At the moment many players to the clarification of the closed position and watch the market while you are on the fence, to understand how the crowd will react to the exit of a major player : will continue this vector or deflate...
Monday. the observed formation of lateral range of motion pictures, on the weekend I saw the puncture rates .to around $360. Now clearly formed the upper and lower boundary of the sideways trend, which is visible on the H4 chart ($357 – $390):
my interesting is that we also are in an upward trend and reached the lower border of the channel is likely to happen within the outset that trade is not the most convenient period. Since the fall of the price from the highs of last week clearly showed how each successive attempt to growth is becoming smaller, which suggests that the number of players willing to play on the rise is becoming smaller.
To move within sideways range may last even for a couple of days with a smooth reaching the lower bound of the uptrend. But it will be a key level: the breakdown of it down will bring the price to around $325 -$330 and you can start to talk about what return to the predefined order of the course among a limited number of players.
With all this current sideways range is well within the bounds of the rising channel and we can see another move from $357 up to $390.
All described above refers to a purely speculative and short-term game, at least until an upward tendency and not broken, and to speak clearly about some kind of medium-term motion vector difficult. Over the weekend the picture is not what is not cleared up, and became one of the most tedious stages for traders – the outset.
On the daily chart clearly shows that price has gone under the Fibonacci level at $372, and if, before the end of the day we don't close the daily candle above this level, then it will be the resistance that will give extra strength to the bears. On the daily chart by this morning, drew a triangle, but with the current mood to talk about the vector it outputs is difficult.
Summary :further vector of movement in the price of bitcoin is now in doubt. Puppeteer from market was released, the momentum has disappeared and now we are seeing the traditional cooling rate after emotions, which is reflected in the price drops to its real value, and that's where it's real value,hard to say. If the puppet master will not return, then the negative moments in the market now more than positive and we can continue the descent down to the upper boundary of the long term sideways range in the neighborhood of $310.