Bitcoin's price dropped below $ 13K in the early hours of the European session after closing a large volume of long positions by Asian Critter traders. Since the beginning of the week, BTC has traded a decline of over 33%.
The main reason for the decline is that transaction costs have risen to $33. The fall in the benchmark led to a drop in the other crypto-points like Bitcoin Cash and Ripple. Currently unverified Bitcoin transactions are 280,000. After the transaction confirmation, we are likely to see an additional decrease.
What's next then?
Most Bitcoin traders will say, "It's a great opportunity for Long," and they'll probably hit the knob, they might even be right and see a new top sooner. But let's look at the chart of the classic Bubble model and compare it to Bitcoin's. The latest decline in BTC is almost in line with the so-called Bull Trap during bubble formation. As we said on these levels, many bulls will come in, but if they will have the power to form a new peak, it remains to be seen, while at the same time the likelihood that the next whipping movement will be the last before Bitcoin collapse.
Source: Finance Magnates
Jr Trader Petar Milanov
Read more:
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.