Bitcoin

Why does a Bitcoin analyst expect the “hellish candle” to drop suddenly to $ 11,300?

Bitcoin (BTC) stayed above $ 13,000 on October 27, however An analyst warns that the largest cryptocurrency is undergoing a major correction.

In one Tweet Tuesday the analyst Cole Garner predicted that BTC / USD could end its bullish rally soon and suddenly plummet in a “hellish candle” event on the daily chart..

Garner to Traders: “Take care of your asses”

Garner Read The Bitcoin Liquid Coin Index (BLX) from Brave New Coina price calculator that is used to assess the price points at which liquidity should enter and exit the market, and The result was firmly bearish.

Why does a Bitcoin analyst expect the “hellish candle” to drop suddenly to $ 11,300?
Why does a Bitcoin analyst expect the “hellish candle” to drop suddenly to $ 11,300?

After reaching USD 13,370 over the weekend, Bitcoin is ripe for losing investor liquidity, commensurate with the events that followed its return to $ 10,000 and $ 12,000 this year.

In any case, A certain price point triggered a sell, followed by a slow rally to higher levels.

“The hellish candle is coming. Take care of your asses”he commented.

After Garner’s graphic The potential low for the resulting price losses this time around appears to be $ 11,300a 15.4% decrease from the local high.

BTC / USD chart with BLX entry and exit points highlighted. Source: Cole Garner / Twitter

Fidelity investigates mining derivatives

Bitcoin has widespread support at $ 13,000 for almost a weekwith only brief drops below this level in contrast to the overall bullish atmosphere in the market.

As Cointelegraph reported, The network fundamentals are sloping down from all-time highs, which could potentially signal a brief reversal on the mood of the miners and the associated price pressure.

Among the participants in the network The general sense is that of a mature market with a hash rate that is still an order of magnitude higher than it was two years ago. Hence, to manage risk, miners should turn to derivatives dedicated to hash rate as the industry grows larger and more competitive.

For now explores this new derivative product format in Asset Manager Fidelity, the company known for its support for Bitcoin.

“”We are researching and experimenting with a number of novel hash rate and difficulty derivative contracts to see how miners can incorporate the contracts into their strategies to reduce the risks associated with unexpected increases in the network’s hash rate, “confirms an update published on Monday on the company’s website.

Research and development is carried out by the Fidelity Center for Applied Technology.

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