No one expected this to happen that fast, and but it happened within two 30-mins candles. Bitcoin lost 45% of its value yesterday. It was the worst day of the entire bitcoin history. Bitcoin price reached 3700$ during morning hours, quickly bounced back from the support, and currently trading above 5000$.
Interestingly, Bitcoin Hashrate increased by 20% yesterday, it indicates possible short term bounce.
Looking at bounce from 3700$, we may see that short term bottom is in, and bitcoin may retest 6000$ level. let’s look at 1-H Chart to look at price action.
- Bitcoin is currently trading in a falling wedge, break out confirmation above 5100$.
- MACD is also giving early sign of reversal, about to bullish crossover.
In our opinion, Bitcoin can retest 5500-6000$ area in next few hours, and it can also show positive price momentum on weekends. Bulls needs to close the current week above 200MA to save price from further losses. If Bicoin fails to close current week above 5500$, than there is more than good chances for price drop below 3000$ in coming days.
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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