Bitcoin (BTCUSD) Analysis and forecast (Thu, Sept 6th, 2018): Big collapse on price

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Bitcoin experiences a sharp fall to $5500.

Bitcoin finished its first Elliott Corrective Wave marked with (A), the price failed to reach the level of $7600 and has been dropping down significantly in the last 24 hours.

At 8h00 am (GMT) yesterday, a rising wedge was formed on the price chart of the top cryptocurrency, indicating a continuously upward movement to the ending point of the Elliott Corrective Wave marked with (A) as forecast in our previous analysis. However, the price did not go the way we expected, Bitcoin disappointed the market by a sharply consecutive decrease of more than $1000, breaking the ascending trendline from the middle of August.

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Bitcoin (BTCUSD) H1 chart on September 6th, 2018

This downward pressure seems to be halted for a while and Bitcoin is hovering around the price of $6400. Though (B) wave came earlier than expected, the next bottom of $6000 is supposed to remain, followed by the third Elliott Corrective Wave marked with (C).

In a worst-case scenario, market may suffer a pull-down movement to the 10-month low at $5500 - where (C’) wave starts.

 

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Bitcoin (BTCUSD) D1 chart on September 6th, 2018

Wednesday’s terrible sell-off not only of Bitcoin but also of all of  the cryptocurrencies on the market as well, mainly came due to information that Goldman Sachs dropped the plan to set up a cryptocurrency trading desk. Back at the end of June 2018, Bloomberg reported that the bank aimed to become “the first large Wall Street firm to make markets in cryptocurrencies” by planning to trade digital assets.

Written by nami.today

 

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