Will bitcoin fall? – analysis of rate for June 19, and forecasts
On Monday, bitcoin has managed to overcome several important technical levels and to reach the level of $6700. Growth momentum gradually dies away, and the growth potential is limited by resistance at$6800 or $6900.
The market capitalization of the top crypto-currencies is $115 billion. Experts expect that the price of cryptocurrencies will be affected by the report of the Bank for international settlements, which said that bitcoin will break the Internet because of the increasing storage requirements and transaction volumes. However, this pessimistic Outlook has not prevented Bitcoin per day to grow by 4%.
The technical picture
At the time of the exchange charts currency pair BTC / USD is trading above all moving averages. The 200-day is situated at the level of $6560 and is the first line of support. Experts predict that the recovery will continue as long as bitcoin is above this level. If the line is broken, start another pullback to $6500to $6300. Sustainable bullish movement higher will lead bitcoin to the $7000 mark. RSI indicates a slight overbought and signals the decline of bullish pressure. The Ichimoku indicator suggests a continuation of the downtrend, only closing quotations above $6900 will allow the bulls to get the upper hand in the market.
Previously on this topic in the news:
15.06.2018: Why falling bitcoin? – analysis of Tom Lee
Tom Lee, chief analyst and founder of Fundstrat announced its version why bitcoin is falling. Last month, the cryptocurrency has lost almost 30% of the cost, and for the current year – almost 65%.
In his report, Tom Lee explained that the price decline of bitcoin is the result of the expiry of futures contracts on the futures. In December 2017 on the stock exchanges and the CME the CBOE began offering futures contracts for bitcoin. After analyzing the situation on the market, you have come to the conclusion that each time, shortly before the expiration date of the futures began the collapse of the bitcoin. The founder of Fundstrat commented: “In connection with the expiration of futures the price of bitcoin changes dramatically. We have collected some data and it is very similar to the truth. 10 days before the expiration of the contracts the first cryptocurrency falling by about 18%, and usually returns to the same position for 6-7 days“. Lee explained that the holders can sell large stocks of bitcoin average price, as the contracts near completion, flooding the market.
Lee also noted that this year decreased the number of investments in the cryptocurrency. The taxation of digital asset tax, tighter regulation, allegations of price manipulation in the market – these factors significantly affect the trading volume. If If was not mistaken in his forecast, for 6-7 days, bitcoins should increase again. Previously, he predicted that before the end of the year the digital asset will be worth $25 000.
Trade Commission commodity futures U.S. (CFTC) has started research activities 4 crypto-currency exchanges: Bitstamp, Coinbase, and Kraken itBit – they provide data for CME Group. CFTC investigates, involved platform to the manipulation of prices in the cryptocurrency market after the launch of futures.
14.06.2018: Bitcoin won’t rise above $14 000 – analysis for June 14, and forecasts
The currency pair BTC / USD is trading at $6400-6500, recovering from a new low of $6154, which is a bitcoin dropped on Wednesday. Amid rising trading volume of the cryptocurrency rose 3%.
Experts previously predicted that bitcoin will reach $32 000 by the end of the year. But because of the fall of the cryptocurrency market , the number of optimists was on the wane. Now Business Insider UK analysts believe that by the end of 2018, the digital asset will be overcome only by the mark of $14 000. In the preparation of the June report involved 10 cryptanalysts. They expect that by 1 July 2018 first cryptocurrency will return to position $8487and by 31 December will increase to $14 638. Were analyzed 13 of the cryptocurrency, according to him, the forecasts are not too encouraging: a significant increase, more than 200% is projected only for the EOS, if there is a running platform, others are unlikely to reach even last year’s highs.
The technical picture
On the short term stock chart clearly shows that the recovery of bitcoin is limited to $6500. If bitcoin manages to break this level, it will reach $6572 (100-day moving average), and then to $6700. As support is the 50-day moving average at $6300. RSI indicates oversold, but the bulls have taken a wait and not rush to buy assets. Ichimoku indicator continues to point to a downtrend , bitcoin is trading below the cloud. The market capitalization of bitcoin has dropped to $111 billion.
13.06.2018: 3 reasons for the recovery of bitcoin prices
Hacking crypto currency exchange and pressure from the financial institutions has negatively affected the course of bitcoin. However, experts believe that bitcoin will recover, and there are 3 reasons.
The TOP 3 factors that will contribute to the recovery of prices:
The cryptocurrency, which is more than 300 times predicted the collapse and death, a very interesting future. Experts believe that the history of bitcoin is not yet completed, and should expect new highs.