The fall of bitcoin – this is normal: analysis of the course for 12 June, and forecasts

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On Sunday, bitcoin fell to a low of $6652 and is now trading at $6800, but the recovery is weak and unconvincing. After the cryptocurrency lost 10% of the cost, she barely managed to regain 1%.

Robert Kamer, an analyst at Fundstrat Global Advisors said that the break of the $7000 bitcoin means another difficulty: “the Downward trendthat began in early may, is still ongoing. Critical resistance level is $7800. Only with a stable growth rate above this mark will help to get rid bearish effect on the market”.

At the same time , Chanpen Zhao, CEO of kitobini Binance said that the recent decline of bitcoin prices is a normal trend. Zhao said that if we analyze history, nothing abnormal in the current price adjustment no. In 2010, the course correction the first cryptocurrency was much more than the current decline. For example, in 2011, for 3 months, bitcoin lost 94% of valuein 2013 – 85%. For 2018 with a maximum value of the asset fell by 61%.

The technical picture

While there are no clear signs that bitcoin will go up, the movement inside the canal is more like a flat. Resistance level is $6900, he strengthened the 100-day moving average. If bitcoin it strikes, is expected to recover up to $7250 (200-day moving average). The closest support is on the line $6779 (50-day moving average). The indicator RSI is still in oversold territory, but the activity of the bulls is not observed. Ichimoku indicates a further drop, bitcoin is trading below the cloud.

Previously on this topic in the news:

11.06.2018: the Collapse of bitcoin, the exchange rate fell to a low of – analysis for June 11, and forecasts

The period of peaceful consolidation of bitcoin turned into an epic disaster. The rate has fallen to the April lows, while market capitalization fell by $16 billion, reaching $115 billion. Experts have called the cause.

According to analysts, the volatility of bitcoin has fallen to 52%, the lowest level since the beginning of 2018. The day bitcoin has lost 8% in value. Experts attribute the collapse of the cryptocurrency market with a major hacking of the South Korean stock exchange Coinrail, which is in the TOP 100 kryptomere trading volumes. Estimated amount of loss platform is more than $40 million. The exchange suspended trading, other assets at the time of audit moved to cold storage. On compensation for damages to the user while any statements from the leadership of the exchange has not been received.

The technical picture

The prognosis is not encouraging. Critical support for bitcoin is at the level of $6464. If the line is broken, the sale will continue until $6000. To get out of the bearish trend, the first cryptocurrency required a stable growth above the level of $8000. While the currency pair BTC/USD is limited to the 50-day moving average level of$7000 and 100-day on line $7280. The RSI indicates oversold, but other indicators predict a further drop.

Other cryptocurrencies too lost in the price from 6 to 15%. Total market capitalization decreased from 340 to 296 billion dollars.

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21.05.2018: 5 factors that affect the price of bitcoin

The price of bitcoin has always had tremendous volatility. 2 months of 2017, the rate has increased by 223%, and just as easily fell by 60% in January-February 2018. What factors provoke the UPS and downs of the digital currency, and affect its value?

5 factors affecting the price of bitcoin:

  • Supply and demand. Like any currency, bitcoin is affected by supply and demand. Mining bitcoins is similar to gold mining. Gold supplies are limited: to bring it to market, people need to get it. Also with hashing: the more people want to get bitcoin (and at the moment produced 17 million coins) – the higher its price.
  • Media. Fiat currency is less influenced by newsthan cryptocurrency. Positive news contributes to higher prices, the negative can derail the course. Stores that accept cryptocurrency as payment, companies that adopt the bitcoin system known investors who believe in digital assets – such news is going to benefit and enhance the credibility of virtual money. For example, the operator BitPay recently announced that it will be possible to pay taxes in Bitcoin.
  • The policy changes. Bitcoin is not controlled by the government and financial institutions – that’s why people paid attention to it. However, an official ban of the use of cryptocurrency (Pakistan, Kazakhstan, China, India and other countries) contribute to the depreciation.
  • State regulation. Decision regulating the use of digital currency can cause major fluctuations. For example, when Japan has recognized bitcoin as legal tender, the price of the asset began to grow rapidly. While the official means of payment bitcoin recognized a few, mostly the government equates it to the property.
  • Change the rules of the system. We will focus on hardforce – branches from the already existing cryptocurrency. There is a new currency, with similar characteristics, but working by different rules. Typically, the hard forks , the demand for bitcoin increases.
  • Experts believe that due to the fact that a reduced amount of bitcoins will continue to grow demand for them. Many predict that by the end of 2018, the first cryptocurrency would cost $20 000.

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    18.05.2018: Bitcoin is no longer popular! China has made a rating of TOP 10 cryptocurrencies

    China has published a ranking of the TOP 10 most popular cryptocurrencies. Digital assets were assessed according to 3 criteria: technology, innovation, application. The results are shocking: Bitcoin was not included even in the top ten.

    Considered 28 of cryptocurrency, the rating is as follows:

  • First place went to an Ethereum – he was awarded maximum scores in innovation and technology.
  • Steem – cryptocurrency social network Steemit to distribute content. The platform is characterized by high transaction speed and reliability.
  • Lisk. A decentralized platform for building applicationsbased Ethereum developers that left the project.
  • NEO. Competitor broadcast, also is a platform with smart contracts for decentralized applications.
  • Komodo. Digital currency combined quality and zcash for bitcoin. A high degree of protection through innovative protocols, secure payment system.
  • Stellar. The platform is designed to facilitate the exchange of Fiat currency and cryptocurrency, as well as payments.
  • Cardano. The blockchain is the platform for building smart contracts and decentralized applications.
  • IOTA. The platform to sell thingswith a high level of protection and its own cryptocurrency.
  • Monero. Currency with a high degree of anonymity, her “trick” – a ring signature by which it is almost impossible to trace transactions.
  • Stratis. A platform for building decentralized applications and implementing them in companies.
  • Ripple the Chinese are not appreciated – it is set in 17th place, Litecoin 21, Bitcoin Cash appropriated in 25th place. Closes rating token NEM. Bitcoin modestly housed in 13th place. For innovation, he was awarded the highest score, but the development of technology of “digital gold” has failed.

    Recall what your rating was and the U.S. Agency Weiss Ratings, in this bitcoin also received a low rating.

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