Greenspan, a senior analysist at eToro posted a series of tweets about the role of Asian countries, especially Japan and Korea in BTC price surge. Rich people there buy cryptocurrency because they are afraid of devaluation of their national currency. When the price increased to $8,000, the trading in Asia grew rapidly, while in Europe and some other countries, the increase in was almost unnoticeable.
Comparing to the when the price was quite stable around $8,150-8,200 the trading now keeps increasing. Big investors are closing their positions.
Support at $7,500 (green line) was successfully tested today. is formed at around $7,700 (red line). After the rate bounced off the support, it moved to this level again. If the support works, the pattern will be formed and there will be a powerful impulse for the price to go up.
The rate approaches support at $7,500. Strong support is formed at $8,450. But level at $8,200 can also stop the price from going higher.
is wide, the rate is moving in its bottom half.
The price is below the .
retreated from the oversold zone.
These indicators demonstrate of the market.
On daily timeframes symmetrical triangle is being formed (shown on the graph with gray lines)
got wider, the rate is moving below middle line.
is moving near 50% mark.
Such results indicate that further decrease of price is possible.
The situation on the market is not clear. Even though the risk of going down to $7,300, support at $7,500 looks strong. So, we expect a powerful increase. If the support at $7,500 works, it is time to open positions.