Bitcoin continues to trade in the downward channel for a short period he managed to stay above the level of $7300, but the decline resumed in the early hours, before there was buyers were able to raise the price. Market capitalization declined to $122 billion.
April could be called a favorable month for bitcoin, but may a good news is not good news. Experts say that the cause of the fall was not only a natural correction program, and market manipulation. The U.S. Department of justice launched an investigation to confirm or refute the fact of traders misconduct. Cryptocurrency bulls enthusiastically reacted to the news. Billionaire Mike Novogratz said: “This approach will help to displace the “bad actors” from the market. Those artificially inflated volumes create excitement and contribute to the depreciation of the currency.”
The technical picture
According to all forecasts, bitcoin will continue to fall. The currency pair BTC / USD fell below the important support line is $7400. If in the near future bitcoin it will not come back, the first cryptocurrency will continue to fall to $7000, and possibly to the April lows of $6480. If the market will turn around and the bulls aktiviziruyutsya, recovers to the level of $7683 (23.6% of Fibonacci) and then to $8000. While trading below the Ichimoku cloud, MACD indicator also indicates a continuation of the downtrend.
Previously on this topic in the news:
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:
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.
21.05.2018: bitcoin’s Rally is cancelled! Whether admitted his mistake – analysis course for may 21 and projections
Bitcoin is attempting to break resistance at $8500 and go up. During the day its value increased by 3%, but large-scale rally is out of the question. On the way to $9000 and above, there are a number of obstacles.
Positive sentiment returned to the cryptocurrency market after bitcoin pulled back from the level of $8000. On Sunday, the first cryptocurrency managed to break through the important resistance zone at the level of $8400created by the 50-day moving average. A breakthrough has intensified bullish momentum, and now the pair BTC / USD $8500 amid rising trading volumes.
Investors are deeply disappointed that the forecast Volumes about 2018 Consensus did not materialize. Even the fortune teller admitted his mistake, because despite the fact that participation in the conference hosted more than 9,000 attendees, and the event broke records for attendance, the exchange rate of bitcoin is not affected. Tom Lee stated that the rally had 3 conditions:
Progress on item 3 was not at all. The only cryptocurrency, which this week increased by 50%, was zcash for, but it is only with add it to the listing Gemini. Despite the error, it still expects that by the end of the year bitcoin will be worth $25 000.
The technical picture
While the bitcoin exchange rate is above the 100 and 200-day moving average. To maintain positive dynamics, the cryptocurrency should remain above the level of $8400. The growth potential is still limited to a level of $8600. As soon as digital currency strengthens above this line, it will be able to go to the next target – $8800. A break of $9000 is possible only when you activate a bullish movement. The RSI is in the neutral zone, so the potential for growth of bitcoin has.
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:
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.