Bitcoin: A month ago on April 20, we discussed the Crypto crash, particularly about BTC. We have seen the day-by-day and month-to-month chart pattern.
A Few days prior after Tesla CEO declared, they will quit taking bitcoin as payment for car purchases. We have seen the delayed consequences on BTC.
Bitcoin- Previous Chart Pattern Analysis
On April 14th BTC made a record-breaking high of around $64,374. Soon after that, it went down to nearly $48,400 on April 25th. Although again it was figured out how to go up around $59,000 on May 8th until the market got Elon’s tweet.
Now, this was all before Tesla’s announcement. Although some experts are saying it’s not about Tesla, it’s just a healthy correction that the market was waiting for. This is likewise at some point valid and we additionally talked about it. If we see the monthly chart pattern before this month you will understand why all are talking about a healthy correction.
On the monthly chart pattern, the candles have formed almost 90 degrees. According to some experts it was becoming riskier to buy at that current level. After that in this current chart candle, we have seen a huge red decline candle.
Bitcoin- Current Chart Pattern Analysis-
Bitcoin has a Pivot level near $37,747. From the all-time high, the BTC is almost down to 42%. All most 24% down this week. What is happening right now is that on 5 min candle chart Bitcoin made a range from $39,000 to $42,000. So, it needs to cross both the Pivot level and the consolidation area to attract buyers. However, it shouldn’t cross the immediate crucial support zones $30,000 & then $27,237.
Why Bitcoin price is coming down?
Firstly, it’s and can be a healthy correction, & why we already discussed that. But We know the steady downwards has started after the Tesla announcement. If you think it’s only because of that big news ‘No’. There is something more.
China gets serious about mining, trading activities. Liu is the most senior Chinese authority to freely arrange a crackdown on bitcoin. This is the first time the public authority has unequivocally focused on crypto mining.
The assertion, which came days after three Chinese industry bodies fixed a prohibition on banks and installment organizations giving crypto-related administrations, denotes a sharp acceleration of a crackdown against virtual monetary standards. (Currencies)