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Welcome back to my Bitcoin daily analysis. In today’s analysis, I will be talking about the drastic price crash we are currently witnessing in Gold, Silver, and Bitcoin.
I will be talking about the cause of the crash, what it entails for the Bitcoin market, and the important levels and price targets I will be watching out for in the coming days.
Is This The End Of The Bitcoin Bull Run?
No, I don’t believe this is the end of the Bitcoin bull run. However, I believe there is a high likely hood that we might see a slight pullback in the Bitcoin price in the coming days.
I have been warning about this potential pullback in price and calling for caution in my previous Bitcoin analysis.
I talked about the first sign of Bitcoin’s price weakness in an earlier analysis titled “Is This A Bull Trap? Bitcoin Just Hit Weekly Resistance. What Next?” and in my Bitcoin update yesterday “Bitcoin Smashes The $11,500 Resistance. Is This A Breakout Or Fakeout?“, I talked about the potential for the price surge we saw occur yesterday to be a price fake out and a likely crash in the coming days.
Well, that crash started today with Bitcoin dumping more than 4% in less than 24 hours.
What Is Causing This Crash?
The main cause of the current crash in Bitcoin, Gold, and Silver is because of the news about the COVID-19 vaccine coming out of Russia.
According to President Putin, Russia as successfully manufactured and officially tested the COVID-19 vaccine on the daughter of the president and can confirm it works.
This news raised the moral and risk tolerance of a lot of investors who in turn began moving funds back into the stock market in anticipation of the coming market growth.
This change in risk tolerance saw the stock market gaining more than 4% while silver, gold, and Bitcoin was crashing.
Important Levels I am Watching Out For
The most important level I am currently keeping an eye on is the base of that ascending triangle I mentioned in my previous article titled ” Bitcoin Smashes The $11,500 Resistance. Is This A Breakout Or Fakeout? “
Bitcoin is currently testing this support. A break and close below it could see the Bitcoin price crashing to the $10,000 region in the coming days.
However, one thing I would love to see to confirm this crash to $10,000 region is an increase in bearish volume.
Currently, the Bitcoin bearish volume is still very low showing that there are not enough sellers currently in the market.
For a list of the top best Altcoins to put on your watch list and trade during this coming bull run, check out my Top 25 Cryptocurrencies by Market Capitalization
To gain more information on how to partake in this coming Bitcoin Bull run and trade this cryptocurrency, you can read my How To Trade Bitcoin Guide. You can also check my top list of Best Bitcoin Exchanges To Trade With.
