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Bitcoin – 4H.
Over the past day, Bitcoin has fallen in price by almost $700, which is absolutely normal. This drawdown does not even cause panic in the cryptocurrency market. Now, imagine what would happen if the US dollar fell to the euro by 2 cents per day? This happens 2-3 times a year, and even then not every year. Bitcoin can lose or buy 5-10% of the cost per day and no one is surprised. Crypto experts continue to blow at all corners that bitcoin will rise in price in any case, it's only a matter of time. Now, another question: have you seen at least one forecast that would predict bitcoin falling to $2,000 - $3,000? The answer, I think, is obvious. You can take any pair, any instrument, and there will always be so-called bulls and bears, traders who believe that the instrument or currency will rise in price or, conversely, cheaper, and depending on their strategy. In the case of bitcoin, the question is different: either to buy or not to trade. It is from such obvious differences between bitcoin and any other investment instruments or currency that I continue to argue that the demand for the "cue ball" and its value by 80% depends on the influx of new investors who want to earn faster. It is for this that crypto experts, millionaires, billionaires regularly recommend buying bitcoin, predict its growth to fabulous figures. In order for more one-day investors to come to the market, the demand for BTC has increased, the cryptocurrency has risen in price. And at high levels, it can be sold by collapsing the market from $20,000 to $3,000, as it was already.
Based on this, I do not claim that bitcoin does not need to be bought or that it will not grow, for example, to $50000. I only claim that bitcoin is a short-term investment tool, but not a long-term one. It does not perform the function of preserving the value, does not have its own value, its price depends entirely on market participants, the number of which allows major players to change the market conditions and mood.
At the moment, the "cue ball" has completed the closure under the correction level of 61.8% ($10251), so I expect the cryptocurrency to continue falling in the direction of the next Fibo level of 76.4% ($9782). Divergence is not evident today.
The Fibo grid is built on the extremes of July 17, 2019, and August 6, 2019.
Forecast for Bitcoin and trading recommendations:
Bitcoin completed the closure under the Fibo level of 61.8% ($10251). Thus, I recommend selling the cryptocurrency with the target of $9782, with the stop-loss order above the level of 61.8%.
I recommend buying bitcoin with the target of $10642, and with the stop-loss level at $10251, if the consolidation above the correction level of 61.8% is performed.
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