BTC almost close at the strong support at 11153, where will go the price next?
Recently I wrote an article arguing my technical analysis of why I believed the BITCOIN was going to drop again after reaching its most recent peak (about 13000 usd)., a situation that is already happening
The truth is that there is a lot of speculation on the subject, about the BITCOIN, its value, and the price we believe it will have in the future.
But when we refer to technical analysis, the reality is different, because as in any financial market, there will always be strong hands that have no interest whatsoever in the usefulness or intrinsic value of an asset, but only to profit from it by manipulating the markets, supply and demand.
As you can see from the chart at the beginning, my technical analysis is based mainly on PRICE and VOLUME, and what we can observe is how in the most sudden fluctuations up and down, there is a presence of strong volume, the closing prices of those days in which there was a high volume, usually determine support and resistance lines.
These strong support and resistance lines are mainly present in the closing prices of 12, 13 and 17 May and 26 and 27 June, those are important price targets to have in mind.
Where will go the price next?
My hypothesis is that the price will break below the support at 11153 , and may reach 10000 or less, at which point the price is likely to continue to fall due to panic, until such time as the strong hands in the market decide to take the price up.
It is important to remember that for the price to rise, the volume of purchase orders has to be significantly higher than in the opposite case, since prices tend to fall by inertia, the volume is much more important in uptrends than in downtrends, this is why I believe that the price will have a greater tendency to fall in the coming days, at least a little over 10000, and at that time the market will take the price up to distribute again in the 13000 or possibly beyond.
If the 13000 USD resistance is broken and the price goes up much more, it is possible that it goes even higher, this is something psychological, since the masses tend to buy in the most important highs (it is illogical but this is how the market works and this is what it has demonstrated historically) and thus it is possible to reach historical bitcoin highs in the short to medium term.