Bitcoin is preparing for another breakthrough? – analysis course for 4 June and forecasts
From a high of $7755made for the weekend, the bitcoin fell back to $7600 and gathering strength for a new breakthrough. The first cryptocurrency was able to break through the critical level $7500 and create positive momentum in the cryptocurrency market.
Bitcoin managed to escape from the downtrend channel and now it is trading in an upward, preparing for another bullish breakout. The current price of the asset is above the 50, 100 and 200-day moving average, indicating further growth. The first cryptocurrency received support at $7570, she strengthened the 100-day SMA. If the sale will continue this level is breached, the next important mark – $7448, 200-day SMA. A sustained move above $7800 will allow bitcoin to recover to $8000 and above.
Experts say that bitcoin is ready to test the new resistance level and return to the previous positions. If consumer activity is not enough, cryptocurrency will return to the nearest support line and will go up again. The oscillator RSI is showing a slight oversold, bulls have a good head start. The market capitalization of bitcoin is $131 billion.
Previously on this topic in the news:
01.06.2018: “Buy bitcoin now while it’s cheap” – the founder of Pantera Capital Management
Dan Morehead, founder of Pantera Capital Management believes that now is the time to buy cryptocurrency. In an interview with CNN, he said that the volatile nature of the digital asset only in the hands of investors, and now to participate in the rally are much cheaper.
“All cryptocurrencies are now very cheap. Prices have declined by about 65% compared with their highs. Now buy and participate in the rally much cheaper,” said Dan Morehead, founder of Pantera Capital Management in an interview with CNN.
Bitcoin, one of the most popular cryptocurrency peaked at $19 500 in December of last year, in February, it cost was less than $6000, today it is trading at $7500. Such volatility can make good money, especially as many experts are predicting a new rally and we are confident that bitcoin is the end of the year will cost a minimum of $20 000. In favor of investors could work and the fact that crypto-currencies are not yet regulated properly.
“Need to invest now so that in 3-5 months, when the background of the regulation of the rate goes up, to strengthen its position.” Morehead recommends buying cryptocurrency as soon as the rate falls below the 230-day moving average. This strategy worked well for the 5th time in 6 years.
Pantera Capital Management – a company founded in the US in 2013, is one of the leaders in the cryptocurrency sphere. In the assets of the company include 25 types of liquid digital assets, including XRP, Ethereum and Bitcoin.
24.05.2018: Tom Lee: “3 reasons bitcoin will rise to $25 000”
Tom Lee Lindstroma prediction on which bitcoin rally after the conference, the Consensus did not materialize, continues to insist that by the end of the year the value of cryptocurrency will rise to $25 000. The forecast analyst with wall street underpins the three factors.
3 reasons supporting the growth of bitcoin:
The current situation on the market analyst and investor explains “typical cryptocurrency volatility” and is confident that bitcoin will beat your record from last year.
28.04.2018: the Three main directions of development of bitcoin
Crypto enthusiast Nick Szabo has published in his Twitter the 3 main, in his opinion, the directions that are necessary to develop the field of cryptocurrencies in the near future.
The most important development of cryptocurrencies over the next few years:
- More secure storage (key management);
- Decentralized exchanges;
- Make the second level more friendly to the user, especially through automatic routing, while not sacrificing the minimization of trust
He commented on these provisions as follows. In his opinion, the keys should be maintained throughout a person’s life and can be inherited, and needs to be found solutions for their wider use.
Regarding the decentralization of exchanges, Nick Szabo, believes that Bitcoin is the most secure financial network on the planet. But peripheral companies are among the most unsafe.
His words are confirmed by the recent events on the next breaking of the exchange and cryptocell.
As regards the third item, first of all, he meant “add-on” Lightning Network in the bitcoin blockchain, which has undoubted advantages (fast transactions with minimal fees), but it requires technical expertise that deters potential users.
Previously, Nick Sabor criticized by numerous experts and analysts who have a negative attitude towards cryptocurrencies not understanding their essence and hang different labels, like “biggest bubble” and the next Tulip mania.
He is confident that by giving such a cliche, such experts oppose the new asset by inertia, because they are too lazy to understand the nuances of the functioning of the cryptocurrency market.