Part of [market] Bitcoin below $ 7,000 were believed to be incredibly bullish mode

Today, Bitcoin (BTC) prices suddenly fell below the support level of $ 7100, fell 3.35 percent to near $ 69.

Investors and bulls are very angry that Bitcoin (BTC) can not be maintained at less than $ 7,000 above the key support area established as quickly fell below the support level during the sharp sell-off that occurred before the. morning.

This sell-off could further deepen in the short term, but one analyst is now undergoing such a possibility, that it is actually part of a larger pattern of the bull market, which could lead to a backlash rebound into five digits of the BTC . Price area.

In the short term, this is a good sign, indicating that buyers have been able to absorb enough selling pressure to stop the current encryption currency fell to a given support level around $ 7500, but if the bulls do not currently support may disappear quickly . Any power within the next few hours.

Popular on Twitter Financial Survivalism encryption currency analysts have recently raised the possibility that the BTC is currently laying the foundation for publishing Wyckoff Spring, this could mean the region will fall to $ 6,000 or less, and then large-scale rebound.

"I might pay close attention to the possible $ BTC fractal. Align nicely with the Wyckoff spring."

This potential bullish fractal will be verified or failure in the next two weeks, and possibly for the entire bitcoin the first quarter of 2020 the trend set the tone.

In the past few days, Bitcoin prices between $ 7,300 and $ 7,100 volatility, repeatedly testing the $ 7,100 and $ 7,050 support level. Thus, for many traders, when the price fell below $ 7100 is not surprising, because of frequent re-test support weakened it.

Traders expected to rebound to $ 6,800, many people will wait and see whether the $ 7,100 support level will break through resistance. In FIG. 6 hours, the relative strength index (RSI) has dropped oversold region 30, and a breakthrough has started random RSI 0, therefore seems to have been oversold bounce.

If the price is able to reverse the trend, traders will look for prices to make up for today's loss, it could be expanded to 7,200 moving average Bollinger Bands. The $ 72 area is also consistent with the 61.8% Fibonacci retracement, therefore, in the case of transactions allowed the short-term trend may be reversed to occur to $ 7,445 (in the upper arm Bollinger bands).

If the $ 6.8K support fails, Bitcoin will reach $ 6.5K and below.

As shown in the daily trading volume, price support at $ 6,800. However, if this level can not be maintained, Bitcoin may re-evaluate the $ 6,550, $ 6,400 and $ 6,160 possible, consistent with the long-term downward spiral of lower trend line.

Since the downward trend started in June 23, 2019, a downward spiral trend line rebounded often. As previously updated the market, under $ 6,160, less than $ 5,800 and $ 5,350 Bitcoin is likely to attract buyers next level.

At this writing, Moving Average Convergence Convergence (MACD) bears a fork in the upper edge of the frame time of day, RSI oversold dropped. This makes the $ 68 level has become an important concern, risk-averse traders will wait for the candle to determine whether the end of the pullback.

As of press time, the overall encryption currency market capitalization of $ 186.7 billion, of which most of the cottage currency performance is worse, so the share of Bitcoin edged up to 68.2%.