Global  Video

“The world's speediest news portal”
One News Page
> >

Bitcoin Price Analysis: Market Correction Could See Lows of $5,800

Bitcoin Magazine Friday, 10 November 2017
In our last discussion of the bitcoin market, an emphasis was placed on the $7,000 support level because it represented a historic point of interest and it showed strong signs of support — a break of which would ultimately prove to have a strong downward move following afterward.Bitcoin has since broken the $7,000 support level. It then took an immediate $500–$600 move downward and has, thus far, shown little interest in bouncing upward. Taking the whole move into view, we can see quite clearly that we completed a Wyckoff Distribution phase on the 30-minute candle; we are now heading downward as the supply is overwhelming the market:

Figure 1: BTC-USD, 30-Minute Candles, Wyckoff DistributionFigure 1 shows a breakdown of the $7,000 support level, ultimately timed with the Last Point of Supply (LPSY) for this distribution phase. The LPSY represents the final, overwhelming abundance of supply in the market. As the price pushes lower, the supply outweighs the demand in the market and, as we are seeing in the current market, there is very little desire to buy at these prices.

Figure 2: BTC-USD, 1-Day Candles, Macro Parabolic TrendFigure 2 shows the rejection of the linear ascending resistance line (shown in pink). This trendline has historically proven to be a point of reversal and, at the time of the article, is rejecting the trendline for the fourth time. If we follow the correction trend, we can expect an ultimate test of the lower parabolic curve that has proven to be support over the course of the last two years.

Figure 3: BTC-USD, 2-Hour Candles, Fibonacci Retracement SetAs predicted in the previous bitcoin analysis, we are currently finding support along the 23% Fibonacci Retracement values in the lower $6,500s. Historically, these values haven’t proven to be a significant market value, so I would not at all be surprised to see a test of the 38% values sometime soon. Figure 3 shows a lot of market activity and a well-established baseline of support in the 38% values. If the 23% values break and don’t hold support, we can definitely expect strong support in the 38% values that will require multiple tests if it tries to break the 38% support.


1. Bitcoin broke below the $7,000 support level and ultimately completed a Wyckoff Distribution phase.

2. Prior to the breakdown in price, the market rejected the historic resistance line, which has signaled a strong reversal point throughout the market’s history.

3. We are currently finding support on the 23% retracement values, but ultimately the stronger support will be found on the 38% values in the $5,800s.

Trading and investing in digital assets like bitcoin and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

The post Bitcoin Price Analysis: Market Correction Could See Lows of $5,800 appeared first on Bitcoin Magazine.
Share on
Share on
Post on 
Share by

You Might Like

Recent related news

Bitcoin Price Analysis: Bearish Continuation Pattern Could Signal End of Bullish Rally

Over the last couple weeks, bitcoin has seen a dramatic drop in price dropping from $20,000 to $6,000. Shortly after bottoming at $6,000, hopeful investors...
Bitcoin Magazine - Markets

Ripple Price Prediction 2018: Should You Invest Amid Bitcoin Volatility?

Ripple Price Prediction 2018 In the world of cryptocurrencies, the big names often dominate the news, with Bitcoin and Ethereum sucking up most of the media...
Profit Confidential - Markets

So Is There a Correlation Between Bitcoin and Stock Market? Yes, But No

So Is There a Correlation Between Bitcoin and Stock Market? Yes, But No
With both the stock market and Bitcoin rising to new heights, and then tumbling down almost on the same day, questions were asked about a correlation. #ANALYSIS
The Cointelegraph - Markets

Tweets about this

Other recent news in Markets

Your Simple Guide to Gaming STOCKSHong Kong directors buy more of their companies’ shares in LUNAR NEW YEAR holiday week
How To Avoid Blackouts Using 100% Renewable ENERGY3 COMMON Inaccuracies About NVIDIA's Cryptocurrency and Artificial Intelligence Businesses
Why You Should Invest in CANADA Despite a Decade of Lacklustre ResultsWhat Is a Virtual Power Plant, and Why Is ELON MUSK Building One?
Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2018 One News Page Ltd. All Rights Reserved.  |  About us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Privacy Policy  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  Help  |  Contact us  |  DMCA / Content Removal
How are we doing? Send us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter   FIND us on Google+