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Bitcoin and ether sank significantly after an unsuccessful attempt to reach the highs of last week. A fairly significant correction in the American stock market, with which BTC has a strong correlation, also pulled down the cryptocurrency market. But before we talk about the technical picture, I would like to say a few words about everyone's favorite Robert Kiyosaki, who is waiting for bitcoin at $ 1,100.
The famous author of the bestseller "Rich Dad, Poor Dad" Kiyosaki recently said on Twitter that he is waiting for the bitcoin price to test the $ 1,100 mark. Only after that, if the price recovers from this level, he will start buying bitcoin and believe in its real power and value for society.
Why is the price $ 1,100? According to Kiyosaki, everything is simple: "losers give up, suffer defeat, and winners learn from their defeats." Claiming that after such a bear market, all losers will leave it. For this reason, the BTC price of $ 1,100 will be of key importance. If the cryptocurrency does not recover after that, it will mean the collapse of the cryptocurrency market, Kiyosaki believes.
However, quite a lot of people disagreed with the famous writer, saying that bitcoin will never reach the price of $ 1,100. Some even said that it is likely that the author of the book "Rich Dad, Poor Dad" made a typo and meant $ 11,000.
As for the technical prospects of bitcoin, it is obvious that no people were willing to buy in the area of large resistance levels, and bitcoin began its downward correction. To develop the initiative on the part of the bulls, active actions are needed to return above $ 20,559. Only consolidation above this range will quickly return the trading instrument to $ 21,530 and open the way to $ 22,850, allowing investors to calm their nerves a little. A breakdown of the nearest support of $ 19,760 and consolidation below this range will fail the trading instrument back to a minimum of $ 18,570, and then close to $ 17,540.
It is worth saying that this is not the first such statement when a famous investor says that he will buy more bitcoins when his price drops to a minimum. When BTC began to decline strongly in recent months, he started saying that the cryptocurrency could reach the bottom of $ 20 thousand. When BTC continued to fall, he revised his forecast of the minimum price several times and now stopped at $ 1,100. In May, Kiyosaki said that BTC could reach the lower mark of $ 9,000. At that time, the price of bitcoin was hovering around $ 30,000.
Despite the fall, Kiyosaki said that he is still optimistic about bitcoin, as he considers the Federal Reserve System and the Ministry of Finance to be corrupt organizations. Kiyosaki also made some gloomy predictions about the US economy: last month he said that the stock and bond markets were crashing, predicting depression and civil unrest. In April, he said that hyperinflation had set in, and in March, he warned that the US dollar was about to collapse, advising investors to buy bitcoin, ether, and Solana.
Ether tried to bounce off the lower boundary of the head-shoulders formation, and it almost succeeded, but then the pressure on the trading instrument returned. As a result, the technical picture changed after the breakdown of $ 1,177. Now buyers need to think about how to return to this level. Only after rising above $ 1,177 can we expect a sharper spurt with an update of the weekly high above $ 1,265. It is better to talk about building a bull market after the return of this level, which will quickly push the ether to $ 1,385, and there is $ 1,544 very close, which will be a serious problem for traders. Only consolidation above will allow building an upward trend for the trading instrument with the prospect of updating the maximum of $ 1,746. If the pressure on ETH persists, purchases in the area of the nearest support of $ 1,117 are not excluded. A break in this range will be the reason for a new decline in ether and a hike to $ 1,041. If there is no one there, I advise you to count on a minimum of $ 934, where the big players will start to act actively again.
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