{"id":98438,"date":"2020-10-27T12:00:53","date_gmt":"2020-10-27T09:00:53","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/why-one-bitcoin-analyst-expects-sudden-hells-candle-plunge-to-11-3k\/"},"modified":"2020-10-27T12:00:53","modified_gmt":"2020-10-27T09:00:53","slug":"why-one-bitcoin-analyst-expects-sudden-hells-candle-plunge-to-11-3k","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/why-one-bitcoin-analyst-expects-sudden-hells-candle-plunge-to-11-3k\/","title":{"rendered":"# Why one Bitcoin analyst expects sudden &#8216;hell&#8217;s candle&#8217; plunge to $11.3K"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a30a6cd6ee40\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a30a6cd6ee40\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/why-one-bitcoin-analyst-expects-sudden-hells-candle-plunge-to-11-3k\/#Garner_to_traders_%E2%80%9CWatch_your_ass%E2%80%9D\" >Garner to traders: \u201cWatch your ass\u201d<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/why-one-bitcoin-analyst-expects-sudden-hells-candle-plunge-to-11-3k\/#Fidelity_researching_mining_derivatives\" >Fidelity researching mining derivatives<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Why one Bitcoin analyst expects sudden &#8216;hell&#8217;s candle&#8217; plunge to $11.3K  <\/strong>&#8221;<\/p>\n<div data-v-5a136f3a=\"\">Bitcoin (BTC) stayed above $13,000 on Oct. 27 but one analyst is warning that the largest cryptocurrency is due a major correction.<\/p>\n<p>In a <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/ColeGarnerBTC\/status\/1320952518902427652\/\">tweet<\/a> on Tuesday, on-chain analyst Cole Garner forecast that BTC\/USD could soon end its bull run and suddenly move lower in a \u201cHell\u2019s candle\u201d event on the daily chart.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Garner_to_traders_%E2%80%9CWatch_your_ass%E2%80%9D\"><\/span>Garner to traders: \u201cWatch your ass\u201d<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Garner eyed Brave New Coin\u2019s Bitcoin\u2019s liquid coin index (<a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/bravenewcoin.com\/enterprise-solutions\/indices-program\/blx\">BLX<\/a>), a price calculator designed to assess at which price points liquidity should enter and exit the market, and the result was firmly bearish.<\/p>\n<p>After its run to $13,370 over the weekend, Bitcoin is ripe to lose investor liquidity, in line with events which followed its return to $10,000 and $12,000 this year.<\/p>\n<p>In each case, a certain price point triggered a sell-off, followed by a slow grind back to higher levels.<\/p>\n<p>\u201cHell candle&#8217;s coming for ya. Watch your ass,\u201d he commented.<\/p>\n<p>According to Garner\u2019s chart, the potential bottom level for the resulting price losses this time <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears to be at $11,300 \u2014 a drop of 15.4% from the local high.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-10\/3b13c424-8c97-4db7-a346-1d8346099157.jpeg\"\/><\/figure>\n<p><em>BTC\/USD chart with BLX entry and exit points highlighted. Source: Cole Garner\/ <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a><\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Fidelity_researching_mining_derivatives\"><\/span>Fidelity researching mining derivatives<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Bitcoin has retained $13,000 as broad support for almost a week, with only brief dips below that level contrasting the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> bullish market atmosphere.<\/p>\n<p>As Cointelegraph reported, network fundamentals have begun to trend downwards from all-time highs, something which could potentially signal a brief reshift of miner sentiment and associated price pressure. <\/p>\n<p>Among network participants, however, the overall sense is one of a maturing market, with hash rate still an order of magnitude higher than just two years ago. To manage risk, miners should thus turn to derivatives products dedicated to the hash rate as the industry becomes larger and more competitive.<\/p>\n<p>Currently researching this new format of derivative product is asset manager Fidelity, the company famous for its Bitcoin support. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"\/><\/p>\n<p>\u201cWe are researching and experimenting with a range of novel difficulty and hashrate derivative contracts to learn how miners can incorporate the contracts into their strategies to reduce risks associated with unexpected increases in network hashrate,\u201d an <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/fcatalyst.com\/projects\/oct2020\/hashrate_derivatives\">update<\/a> on the company\u2019s website published on Monday confirms.<\/p>\n<p>The research and development is being undertaken by dedicated spinoff, the Fidelity Center for Applied <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">Technology<\/a>.<\/p>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/why-one-bitcoin-analyst-expects-sudden-hell-s-candle-plunge-to-11-3k\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Why one Bitcoin analyst expects sudden &#8216;hell&#8217;s candle&#8217; plunge to $11.3K &#8221; Bitcoin (BTC) stayed above $13,000 on Oct. 27 but one analyst is warning that the largest cryptocurrency is due a major correction. In a tweet on Tuesday, on-chain analyst Cole Garner forecast that BTC\/USD could soon end its bull run and suddenly&#8230;<\/p>\n","protected":false},"author":1,"featured_media":98439,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-10\/96bf5ce1-b256-4ff9-9977-4b92eba6d583.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-98438","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/98438","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=98438"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/98438\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/98439"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=98438"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=98438"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=98438"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}