Monthly analysis Bitcoin. Price collapsed, why?

By BitMarian | World crypto news | 17 Oct 2019


There are those who say that cryptocurrencies (especially bitcoin) are financial bubbles and that the price can go from 0 to 100.000,00 €... well they don't have all the wrong. In the last month, bitcoin has been increased from the value of 10.258.00 $( 19 September) to 7.980.51 $( 16 October), losing 22.39% monthly.

It seems that the market is not exactly up and above, that it is going to collapse rather than take off. The collapse has influenced Other cryptocurrencies such as ethereum, Zcash, Litecoin etc.

A few days ago, bitcoin appears to have stabilised on the $8,500 but then, unfortunately, it fell further until it reached 7.946,6 $( 16 October 21: 24) breaking the resistance of the 8,000 dollars.

Looking at the recent action, we've broken the minimum of a descending triangle, as shown in the graph. Once the market fell below the level of $9250 , the market was set to significantly downward. On the basis of the descending triangle, the market should look at the level of $4800 , which gives us a long time to continue to benefit from negativity. In fact, if we can get down below the $8.000 level, this will start that move.351665157-d6cb68df8503178973c2c3045f6d8c0ad5ddadc4516d134fceb8742671a82e1e.jpegThis recent collapse had him discouraged who, like me bought bitcoin at $10,000 to see the wallet steal constantly. What I can advise is to wait until the price is stable and not sell at all if you bought over $8,000. For those who trading on the trend of bitcoin My advice is to point on the downs of cryptocurrency.

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BitMarian
BitMarian

Hi I am Marian. I write Blogs and Article Related to Cryptocurrency, blockchain , Technology and ways to earn crypto.


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