Trader: the formation of a new uptrend Bitcoin can take months

On Wednesday, the stock market caught up with a new shock — Bitcoin dramatically fell almost a thousand dollars for just an hour. The main cryptocurrency fell below the basic level of support, and with it to the bottom and rushed altcoins. A blow to the capitalization was so strong that the industry will need some time to recover.

The trader believes the Tokyo-based company eWarrant Japan Securities K. K., Tsutsumi Soichiro, this process can take many months. He said that the recent fall was “a dangerous sign” for all market players, therefore, expect a trend change in the next couple of months, just not worth it.

When Bitcoin starts to grow

Point of view Tsutsumi was supported by the Robert Slamer, an analyst at Fundstrat Global Advisors. He believes that the events of the environment have dealt a serious blow to growth prospects of Bitcoin even in the medium term.

The fall this week has greatly defaced the painting in the light of technical analysis. Creating a new pricing structure will take weeks, if not months. We need serious support for a new rally.

Before Claimer stick to a completely different position. In a previous publication Ethereum World News, he said that reducing the volatility of Bitcoin and bullish divergence on 1-day chart cryptocurrencies indicate that the asset has already found its bottom.

But BitMEX CEO Arthur Hayes, it turns out, was right. We will remind, earlier it was told about possible reduction in the price of Bitcoin up to $ 2,000. According to him, only at this level, the coin can become quite attractive to investors.

Hope the bears also contributes to indicator Directional Movement Index (DMI). At the moment it is at its lowest point in 2016, which is a good sign of the continuation of the downtrend. Today Bitcoin is trading at $ 5550. The market capitalization is greater than 96 billion dollars, daily trading volume is equivalent to 4.66 billion dollars.

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