Recently, cryptocommunist was faced with another difficulty — the culprit turned out to be negative news around Bitfinex. The friction of exchange with the official authorities of new York caused a rapid fall of Bitcoin. However, trader Tony Weiss is sure very different — the market has shown signs of weakness even before the drama with the trading platform.
Why was the dump?
Blame everything on the official challenge to the leadership of Bitfinex just not worth it. At least in certain well-known cryptanalyst Tony Weiss. He recently published a new video on its YouTube channel, where I explained in detail the recent behavior of Bitcoin.
Even before the official news from the stock exchange trading the Bitcoin have approached the “stage of exhaustion”. The market has shown signs of weakness, the negative news background only pushed the bears to action.
Tony said that between fundamental analysis and random news there is a huge difference. Scenario Bitfinex did not fit into the frame first. By the way, if this news would have appeared earlier, when Bitcoin was trading at $ 3000 — the price of the cryptocurrency instead of falling have increased.
News do not change the trend. Enough to write to me that the situation with Bitfinex caused the fall of the market. The market has already started to fall for another 24 hours prior to the scandal.
In the next couple of weeks may happen a new wave of falling. Weiss insists that the Bitcoin could easily drop to 4100 dollars, then there will be another pullback. In other words, on a long-term chart of the cryptocurrency will draw the triangle that will be another indication of the formation of the global Bitcoin bottom.
The ideal scenario is a break of the triangle up to halving in may 2020. In this case we can talk about the beginning of a new global bullrun. In order to earn more x’s on the growth of Bitcoin, subscribe to our cryptcat.
SUBSCRIBE TO OUR CHANNEL IN THE TELEGRAM. WE HAVE A WELL.