The latest developments
In light of the technical struggle between the most important global decentralized platforms, we see a significant decline in the price of the FTX platform, up to the moment of writing, to 16k, with a sharp decline for months, such as the FTX currency.
Even some currencies have lost nearly 60% of their market value, such as despite the strength of the software team for this currency, the decline also affected it. It is true that the market does not bode well for the upcoming good, but as a positive point I see it is that the stage the market is going through will work to remove For all the weak projects, that is, if it is correct to say that the market is going through a cleaning phase.
Before we dwell on the most important expectations and what prices tell us technically, we must keep in mind the most important changes and the basic differences between them so that you realize the difference between the decline resulting from a price cycle and the decline resulting from a dispute or a technical problem.
We have mentioned in our previous articles that if Bitcoin closed below 18 for three times, it will continue to decline towards 16 (the article is titled: Digital currencies are taking their last breath). We explained what the time cycle of digital currencies is in a previous article titled The Most Important Thing Affecting Digital Currencies in Light of Time Cycles.
And what actually happened is the continuation of the succession of events that correspond to the technical analysis, the expected time of the price drop, so we can say that the decline of Bitcoin at the present time is a natural event for the continuation of the time cycle, and what is happening in succession of events with the decline in events that did not affect Bitcoin, but rather affected On more other currencies, i.e. Bitcoin itself was affected by the time cycle and is basically bearish.
While other currencies were affected by the decline of Bitcoin and by the events that contributed to the deterioration of its financial position, such as FTX, and these events of the decline of Bitcoin as a result of a time cycle or a succession of events that affected currencies are the events that will help filter out fake projects.
Technically the price
Bitcoin is trading at the moment, to write the article, at the level of 17K, and this level is technically important because it is a decision-making level, so according to the price closing with this level, volume, and averages, the price will be.
In the short and medium term
In the event that the price closed above 17500 twice in a row, with high volume and not too high, it will test 19K levels for the last test (the farewell test), and based on the retest, we will see a violent decline towards 12, then 8K.
In case the price closed below 17500 with a high selling volume and not excessively high, we will see more declines towards 14.
We note that all of the previous scenarios reinforce the idea of a bearish move, except that its limit (the first scenario) is that if it happens, the price may face a strong bearish momentum of its kind, and it may be the last.
at the long term
In many of my previous articles, I said that the price will not start rising unless it touches price levels close to 8000, and this is what we may see soon, as I still have the idea that Bitcoin will reach 100K, but this rise will only start when testing the lowest time bottom and it will only reach At the end of the downward cycle, which is estimated at a year and a half, meaning that the target price has an average age of approximately three years.
Technical analyst opinion
In this period, dear reader, the investor may abound with rumors and justifications that the price will rise again or that the market is in an eternal collapse, and we may see many people who associate events unrelated to technical analysis.
For example, the conflict that occurred between two well-known platforms led to a further decline in the markets. Let us tell you here that what happened is as a result of the price being in a downward cycle that forced this dispute to occur, not the other way around, and this is what will help the markets in the near future to rise away from bogus projects.
In conclusion, I tell you to select your investments and try not to stay away from the famous currencies that are related and extended to other projects such as BTC, ETH, SOLOAN, MATIC, BNB.
As for others, especially at the present time, they may be high-risk investments, as this is the period for liquidating weak currencies.
Analyst: Omar Sayyah
Omar Syyah: @SyyahOmar