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In this article, we share our latest analysis on Bitcoin (BTC) previously shared in our advanced group. Are you not a member or still have questions after reading this article? Then try our premium membership for free for 30 days.
Technical Analysis BTC Price
The past few days have proven to be crucial for the price of Bitcoin. Wild volatility ensued, forcing Crypto Insiders analysts to immediately revisit the charts. They are now able to provide clearer information to Premium members:
“What caused the situation to change? This question makes sense and we explained it in our previous emergency update on March 10th. BTC price action is so volatile that we can no longer act like we are in a bullish trend I’m used to talking about healthy adjustments and profit-taking.
The economy will come under further pressure, which means companies will be less likely to choose risky assets. Therefore, large sums of money will not find their way into crypto. Only retail investors are maintaining the market right now, which is a very bearish indicator.
Major support areas were ignored, which caused market makers and other traders to go into defensive mode. For BTC we are now seeing a larger 12345 Elliott wave pattern emerging and we are currently still in the first down wave. ”
As a result, analysts fear more setbacks for the top cryptocurrency. In the Premium environment, you can read a broader analysis of Bitcoin, how far the price has fallen, and comparisons to stock markets like Nasdaq and Dow Jones.
The analysis is from March 11. In our Premium environment, analytics are typically shared 48 hours in advance, so they may be slightly out of date.
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Disclaimer: Investing involves risk. Our analysts are not financial advisors. Always consult an advisor when making financial decisions. The information and tips presented on this site are based on our analysts’ own insights and experience. Therefore, these are for educational purposes only.
Source of information: Compiled from CRYPTO-INSIDERS by 0x Information.The copyright belongs to the author Wessel Kersting, and shall not be reproduced without permission