March 29, 2024

A trader said whether the price of bitcoin could again fall below $ 7,000

Practicing trader and ForkLog Hub resident Pavel Gromov talks about the current market situation.

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YesterdayBitcoin has gone out of the range of $ 6,500- $ 7,400, which it has been in since the beginning of the month. In the previous forecast, I considered this option as an alternative.

Bitcoin reached highs since the crash of 12-13March, tested $7700-$7800 and consolidated above $7500. At the time of writing, the market capitalization was $216 billion, the Bitcoin dominance index &#8212; 63.9%.

The exit from the range occurred without correlation with the stock market; nothing special happened there. The S&amp;P 500 did not reach the levels even at the beginning of this week, and by closing it had completely fallen below 2800.

The cryptocurrency market is increasingly moving away from the correlation with the stock market and begins to live its own life.

Since the beginning of April, we see a stable growth of bitcoinwith small kickbacks and raising lows ($ 5800- $ 6200- $ 6500- $ 6800- $ 7000). In the same way, capitalization is growing, which returned to values ​​before the collapse of March 12-13.

The events of March 12-13 freed the market from "weak hands", and this ensures the stability of Bitcoin to an unfavorable external background.

In addition, more and more people realize that a pandemicwithin a few months it will decline, and then the vaccine will be launched. The consequences of the fight against the virus, primarily the infusion of huge amounts of money into a falling economy, will affect everyone’s life much more strongly.

People are actively looking for tools to increase funds. Many people choose Bitcoin, and this is a good choice.

The story of benefits for the low-incomeAmericans who find themselves on Coinbase is quite instructive. People with average and high income levels will purchase Bitcoin even more actively &#8212; they have something to protect against inflation, and they have a much larger reserve of free funds that can be channeled into risky assets.

I expect Bitcoin in the range of $7500-$7800 today and over the weekend, and the conquest of $7700-$7800 &#8212; next week.

What do the graphs say?

The breakdown of $ 7150- $ 7170 was followed by a sharp acceleration, and Bitcoin came to the medium-term target of $ 7738.

On an hourly timeframe, buyers are trying to gain a foothold above $ 7500.

A trader said whether the price of bitcoin could again fall below $ 7,000

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In order to consider all growth from $ 7000 to $ 7738 true, and not taking out short positions, Bitcoin needs to stay above $ 7388.

A trader said whether the price of bitcoin could again fall below $ 7,000

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This level is the upper limit of the sidewall from which bitcoin came out. This is the area of ​​the previous trading, from which sellers always pressed the price down.

A trader said whether the price of bitcoin could again fall below $ 7,000

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The level of $ 7388 coincides with the 50% zone on the Fibonacci grid, therefore, correction to this mark is possible.

A trader said whether the price of bitcoin could again fall below $ 7,000

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If buyers keep the support level at $ 7388, the following growth targets: $ 8000- $ 8200.

In the event of a breakdown of $ 7388 and consolidation below $ 7263, there will be every reason to believe that this growth was the removal of short positions.

In this case, Bitcoin may again fall below the $ 7000 mark. This is currently an alternative scenario.

Attention!

Financial market forecasts are privateopinion of their authors. Current analysis is not a guide to trade. ForkLog is not responsible for the results of work that may arise when using trading recommendations from the submitted reviews.