We had a pause in Bitcoin trading because of halving speculations. Currently the price action stabilized and we are ready to continue trading with new energy to power up our analytics!
During halving Bitcoin's price tended to break $10 000 level due to whales manipulations, unfortunately for them majority of market players now have much more knowledge than 4 years ago during the last halving and thus whales did not succeeded to over pump BTC . This means current market price is really close to its fundamental after halving value. According to our calculations average production costs varies in range of $8 400 - $8 600 across the world. The shows a small decrease is coming and afterwards there will be a strong ascending move. We are very close to the where a is located let's confirm the findings with
Retrospective shows a local downtrend, we see a numerous confirmations from indicators. reveals predominance of trend: states last lesser than and price changes during them are times smaller. Moreover we see a dominance of ( ) line at DMI indicator with consistent level and which confirms findings of .
Coming back to trend analysis Bitcoin's price action is at the intersection of the global support and supportive edge of local which is around $8 800. Moreover this level coincides with downtrend Fibonacci 0.236 retracement level which is located at $8 787. Price action is in the middle of retrace pattern which is drawn at the chart. It looks like price tends to break local support finishing the pattern and bounce from the Fib 1 level
Bitcoin is at crucial moment: fundamental and technical analyses suggest we are in a downtrend while breaking below Fibonacci 0.236 retracement will result in a decrease to Fib 1 around $8 637 where price action should consolidate and a stable uptrend will start. In case the scenario is confirmed we will enter long at this level. However in case bounce will not be confirmed we should expect a fast and rapid price decrease to the fundamental . Bitcoin can drop to a range of $7 000 - $7 100 in such scenario
It is very important to track Bitcoin price action within the next week to receive confirmations of further price action development and take the right position. Stay tuned we will update this analysis at every change of the situation
SkyRock Signals team
This can be a sign of a global after halving ascending trend but it seems bulls are exhausted and we will see a consolidation roll down back to Fib 0.5 level which is around $8 955 where another attempt to move higher will be made