Magic cycles: in the near future the Bitcoin may go down to $ 6000

Part of the features of cryptocurrency trading are almost indistinguishable from traditional trading instruments. They follow similar market patterns, repeating cycles of growth and decline. By the way, the next cycle can wait for us this summer. According to historical data, the summer months have traditionally been considered “the worst” for captainvalor.

How not to lose all the money in the summer

A cryptanalyst under the name Cane Island Crypto tweeted a table of the worst months for investing in Bitcoin. As it turned out, June and July was memorable for traders with negative profitability. This trend was observed only in 2017 and 2012. More than the BTC you earn in March, April and October.

Between the two the summer months also has its own dependence. If June was closed with a negative result in terms of profitability, the July will also be at a loss with absolute certainty. At least for the previous 9 years, this trend has not been violated.

Other traders also speak about the high probability of the fall of Bitcoin. Moon Overlord believes that the correction of the main cryptocurrency is not yet complete. That its growth was “natural” in the long term, BTC is expected to decline by 30-40 percent from the point of their annual maximum. In other words, the asset still may fall to $ 6,000.

Commentators share the view Moon Overlord. By the way, a similar opinion adheres to the trace Meyer. The investor anticipates a “soft retreat” Bitcoin below $ 7,500.

What’s next?

It is worth noting that investors still are very bullish on the long term. Globally, the price of Bitcoin has never fallen, if we consider the closure of the candles on the annual chart.

Technical indicator Super Guppy for the first few months moved into a gray area. Josh Rager notes that such indicators tend to precede the formation of long-term bullish trend. A break above $ 7,000 was the final confirmation of the dominance of the bulls over the bears.

Recently, Bitcoin has also closed the fourth candle in a row above the 50 SMA on the 1-week chart. Previously, this event one hundred percent probability was the beginning of the growth of the asset.

Don’t forget that BTC could still drop down to $ 6,000. Don’t risk to open large long positions “away” from the support lines. Long trades now not worth it, better to wait for either a pullback or a break above the level of the annual maximum.

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