Bitcoin is likely to see further declines to $ 11,000

BTC / USD has lost the candle by $ 900 after tax gains to $ 12,485: Heard say that BTC fell to $ 11,000 before new highs are reached Bitcoin bulls can look forward to a solid move above $ 12,000 with a consolidation period between 12,100 and $ 12,400 referring to prices for the first time in a year as a meeting above the level. The bears had other negative ideas and were sure to swing heavily to bring BTC to $ 11,569 when a negative $ 900 candle was heard. We expect BTC / USD to have continued to fall after the collapse. Even so, there’s a good chance that a closing price of around $ 12,100 will provide a basis for average rights.

Aggressive dump could push “digital gold”
Although “digital gold” quickly bounced back from Wednesday’s crypto carnage to hit a 24-hour high at $ 11,907, the decline to $ 11,750 suggests sellers may try to hedge the price with more To correct withdrawals further.According to some analysts, the 7% retracement could result in bears starving for more blood if the bulls buckle.The following chart, shared by crypto analyst DonAlt, shows the aggressive dump of $ 12,500 as a signal that bears are hungry for more dumps. He speculates that selling pressures could cause Bitcoin price to hit lows again at $ 11,070. However, if bulls hit a closing price of around $ 12,100, DonAlt claims, the BTC / USD pair could move higher for a candle of $ 1,000.

You can find the graphic on twitter: