Bitcoin still fall. Where is the best price for long?

13.11.2017 / 01:05

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The price of the most popular cryptocurrency dropped below $6,000 on Sunday after investors shifted much of their funds into Bitcoin Cash. As a result, Bitcoin has reached its lowest value since October 25. At the moment, BTC is trading at $5750, and at the time of sale, the crypto hit reached $5426 in the US-based Bitfinex.

The capital rotation is not the only reason why the BTC is down. The update planned for this week, which aims to break the crypto-wave through the so-called " Fork-method. What does this mean? Earlier this year, Bitcoin Cash was created through a "fork", a method whereby a new cryptocurrency, based on Bitcoin's blockchain technology, is created, creating a parallel network. With the fork method, transaction history up to a point in a Bitcoin block is copied to a block of the new crypt. Therefore, if you had 5 Bitcoins, after the fork-a you will also have 5 Bitcoin Cash.

Technical view on Bitcoin and where to position.

At first glance, looking at the chart of BTC, there is a strong upward trend with a few daily adjustment at the end. The characteristic of Bitcoin's trend is that any deeper correction is 50% of the last upward wave. The current adjustment is no exception, and what impresses on the chart is that it is precisely 50% correction of the last wave that discourages the price depression. Supporting this level is also 50SMA + horizontal support. RSI is not yet in the over-selling zone where it was in the last two crashes, and this gives us reason to expect lower levels of currents. If the price drops closer to 50% Fibonacci correction, RSI is likely to enter a surplus sales area and then we will have all the purchase criteria that in the past have led to significant upgrades.

SL: $4700

Jr Trader Petar Milanov

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Bitcoin still fall. Where is the best price for long?

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