Last week we gave a forecast for Bitcoin's growth to $11,000 and in the end, it was correct. However, this growth can be called corrective. At the current moment, the market is not very active and there is a high weakness of the current growth. Why do we think so?
- The growth was on the background of declining volumes
- The Stochastic indicator has broken through the overbought line and is turning down.
- Consolidation in the $10,100 - $10,300 range was short-lived after huge liquidations of $1 billion.
Most near support is $10,000. This is indicated by the Fibonacci grid of March, 12. However, there is great doubt that this level will be able to resist. Earlier, 7 days in a row, the price dropped in the range of $9,800 - $10,000, but then the daily candles invariably closed above $10,000. This could be a sign of purchases at these levels that have sold out in the $10,800 - $11,200 range.
Therefore, in the coming weeks, we will again see a fight near $10,000. When this level is taken, the price will quickly decrease to $9,000. Just this level is now the main support for Bitcoin price.
- The growth was on the background of declining volumes
- The Stochastic indicator has broken through the overbought line and is turning down.
- Consolidation in the $10,100 - $10,300 range was short-lived after huge liquidations of $1 billion.
Most near support is $10,000. This is indicated by the Fibonacci grid of March, 12. However, there is great doubt that this level will be able to resist. Earlier, 7 days in a row, the price dropped in the range of $9,800 - $10,000, but then the daily candles invariably closed above $10,000. This could be a sign of purchases at these levels that have sold out in the $10,800 - $11,200 range.
Therefore, in the coming weeks, we will again see a fight near $10,000. When this level is taken, the price will quickly decrease to $9,000. Just this level is now the main support for Bitcoin price.
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