Bitcoin technical analysis. BTC-USD on November 19, 2018

November 19, 2018

Further development of the market may look like this. If we consider the last wave of growth and price correction, then we see that the market was able to roll back to almost -82% percent (in the current situation it may be around the level of 3600). 4800 is a good support, but nobody canceled the opportunity to break through the levels below. As a rule, Fib 0.786 resistance acts as a reversal range, but the price tends to often go lower for a while, we observed a similar phenomenon in 2015, and we can also observe it now. The fractal pattern of movements is a good guide for further understanding of the development of the market. You should not panic, such drawdowns are noticeable in the entire history of the formation of the graph. Such situations are not the end, but only the opportunity to catch an asset at a low price. Control emotions, share risks and be prepared for the most unexpected turns. At the moment we have a huge oversold RSI, a record low; we can bounce and move up, but pay attention last time the same time we came back down after the rebound. Thus, we have a chance to get a rebound, but with a further decline and after another oversold start to build an upward movement, perhaps lingering for some time in the sideways. Or, if during the bounce, the market will get a good volume and support of large players, then the breakdown of the orange downtrend line will give the scenario of a faster growth wave. Looking at the scheme of the psychology of the market cycle, it is very likely that we have passed through panic and anger and are now at the stage of depression, after which the market begins to form a new cycle, again increasing its value.

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