Whether to grow bitcoin? – analysis course for 13 June and forecasts

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After a sharp fall in the direction of the course and remains uncertain. The currency pair BTC / USD is trading in a channel $6500-6600 and not in a hurry to recover position. The first cryptocurrency has reached the lowest level since the end of March.

While news that would have accelerated the growth of bitcoin, no. On the contrary, the U.S. wants to tighten the regulation of digital tocinoV. SEC Chairman Jay Clayton at the conference in Washington has said it wants to establish control over all tokens. “These assets should not be exempted from financial regulation. Moreover, they must carefully examine,” added Clayton. Given the confusion in the regulation of cryptocurrencies, it is unlikely the news is good.

The technical picture

The daily chart shows that attempts to restore bitcoin is limited by the resistance of$6700 and $6740 (50 and 100-day moving average, respectively). If the digital asset will be able to break through these lines, we can talk about the increase to $7000. A break below the support level of $6500 can lead to a long fall. RSI indicates a clear oversold, but the bulls to become more active in no hurry. Moreover, bitcoin chart Ichimoku trading below the trend line again and is under pressure from the “death cross” for sale. If not increase the volume of buying bitcoin, the bears will target levels of $6000 and $5800 (at least February).

Previously on this topic in the news:

12.06.2018: the Fall of bitcoin – this is normal: analysis of the course for 12 June, and forecasts

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.

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06.06.2018: “Bitcoin will not be a global currency” – CEO of Ripple

CEO Ripple brad Garlinghouse in an interview with CNBC stated that bitcoin will not become a world currency. Previously, the Apple co-founder Steve Wozniak said he hopes that bitcoin is a true digital gold, and could claim the role of a global currency.

Garlinghouse have your opinion on this subject: “Bitcoin will not be a panacea and will not solve all problems. XRP transaction a thousand times faster, bitcoin very slow. Faith in the future of one currency is maximalist ideology“. Ripple CEO added that in the cryptocurrency world will be a lot of winners. He has previously stated that the influence of bitcoin on the price of other digital currencies will weaken.

How is the situation really

It is true that bitcoin can not boast of a quick transaction. According to statistics, the average time of a transaction, BTC – 42 minutes, the same Ripple effect is 4 seconds. Although it is worth noting that the trading volume and capitalization of the first cryptocurrencies are much higher than XRP. However, the transaction rate of bitcoin is the result of using blockchain technology, which has not yet been scaled with the expectation of a larger number of users. Ripple uses a completely different technology. The company primarily positions itself as a payment service and actively cooperates with major financial institutions.

If bitcoin and no longer the world currency, this role is not destined to Ripple. Bitcoin at least is a decentralized system, while 60% of tokens XRP belongs to the company-developer and don’t like it for many investors.

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24.05.2018: $1800 – the real price of bitcoin

Federal reserve Bank of San Francisco published a report on the classification of bitcoin as an asset. Experts believe that the high volatility prevents the first cryptocurrency to gain a foothold in the real world. The value of the asset is also obviously overvalued, the domestic price of bitcoin according to preliminary estimates, is $1800.

The Joost van der Burgt, the report author and financial adviser at the fed confirmed that bitcoin has properties 3 asset classes: may be a commodity, currency or securities:

  • Bitcoin currency. After analyzing the situation, the expert concluded that bitcoin is not yet able to replace the existing currency, because it has no fixed cost. Bitcoin does the problem with the exchange rate, but it is key to determine the value of money.
  • Valuable paper. Many believe bitcoin is a valuable asset. However, before the stock it is still far away, since digital currency does not generate dividends, interest or capital gains. It’s just a means of trading on the exchange.
  • The bitcoin goods. Bitcoin can be used as a means of accumulation – it behaves similar to oil or gold. However, if you evaluate the cost, cryptocurrency it will be low – about $1800 (a key factor in the valuation expert considered mining). When calculating values using data from the mining farms in China (currently there extract 80% of bitcoins).
  • Hypothetical value of $1800 is far below the current rate. Belt, believes that bitcoin is in a state of bladderand its significance is too overrated.

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