Bitcoin in limbo. What prevents bitcoin to grow? Review of the week
The beginning of last week was marked by preparation for the decision of the SEC on bitcoin ETF. According to statements by opinion leaders in kriptonyte, the excitement on this matter have no weight. The reason being, this decision is greatly inferior in importance to another — the beginning of the collaboration ICE with such giants as Microsoft and Starbucks. In the framework of joint work plan to facilitate the process of receiving and converting digital currency for business. However, the news of the postponement of the event from 10 August to 30 September still rocked the market. The rate of major cryptocurrencies went down quickly to reach new lows.
However, on the General background of sales, news emerged that were able to stabilize the position of the Tether made the decision to allow the market to “Supplement”, in the form of coins worth $50 million
While regulators carry the date, reserving the right to hold Supervisory positions and cryptocurrencies continue to show new facets of his behavior, we invite you to see the end of the week, and learn about the prospects for the near future.
Charting in our review used the Fibonacci levels, through which you can get an idea about the strength of the correction. An additional tool of analysis was the indicator “alligator”, which you can see the strength of the trend.
Last week was the affected area loss of bitcoin mining, which varies in the range of 6000-6100, followed by the logical rebound, which gave investors hope for stability coins.
At the moment the price is still inside a protracted correction. The coin has already passed a sufficient number of levels so that you can begin to talk about the imminent end of the fall. The negative market, the danger for an even lower levels persists. At the moment there is a certain note of uncertainty: to start a new movement necessary formed out of the small flat. Likely routes of further movement of bitcoin include the following.
Small growth caused by a small uluchshenie market situation may result in a new wave of falling, seeking to update the minima located below the zone of recoupment of mining.
If in the course of continued growth, the price can consolidate above the nearest Fibonacci level, it will be possible to pay attention to the possibility of entering in a new wave of growth. This maneuver will mean the end of correction. However, perhaps the price will meet resistance in the form of a stable level.
For the development of this scenario will require the reinforcement of positive news. Branch implies the confirmation of the purchase via a rebound from a stable level and a break above the nearest Fibonacci level.
Last week, Bitcoin Cash code (BCH) experts have discovered a critical vulnerability. This information allowed us to give more power the General wave correction.
Further movement of the coins depends on the behavior of the older brother bitcoin. If the correction has indeed left behind cryptocurrency can come out of it in the following path.
Through rebound from a stable level, price will have the opportunity to begin the active wave growth.
An additional scenario development.
In the absence of momentum, in order to complete the correction, the price may demonstrate the trajectory marked with a green branch.
The past week not distinguished by remarkable events that are bound to Ethereum. The coin continued to move with the market.
A correction, apparently, has all chances to complete. However, the air will have to wait for positive changes from bitcoin without growth which attempts to stabilize have no meaning. Here are some of the scenarios.
If the correction still has a reserve, the coin can fall back to new lows. The indicator “alligator” indicates the presence of power for the descent.
In the case of positive momentum and growth, the coin is likely to rush up through a stable level.
Last week it became known that from now on, users will be able to submit your favorite coin by SMS. However, the General oppression of the market did not allow positive trends to be realized fully.
A correction in the case of Litecoin, as well as with other coins, it has the potential for completion, according to Fibonacci. At the moment viewed the following development options.
Indication points to a small stub that can, with positive momentum move into growth.
In the case that the market will not allow growth to be realized, the coin will travel to new lows.
Coin continues to struggle for survival. Dash representatives actively popularitybut your project, in an attempt to reduce the negative impact of the struggle with anonymity.
Correction Dash is very long. The level of activity of sellers has the ability to give customers. However, the outcome in any case depends solely on General market sentiment and behaviour of bitcoin. To further progress include the following.
The apparent lack of a positive attitude can lead to out-of-bounds nearest Fibonacci level, which will lead to the search for the next minimum.
In the case of the rebound from the nearest stable level, the coin can obtain a chance in the growth. Assuming similar behavior on the part of bitcoin.
In addition we offer you a forecast for the Ethereum coin classic, written by two experts: Executive Director Zichain Sergey Kovtunenko m a financial analyst FxPro Alexander kuptsikevich companies:
— Ethereum is a Classic 14-line in a rating of the cryptocurrency with a market capitalization of $1.39 billion Price per coin $13,41. Dynamics of quotations during the last 12 months in dollars amounted to “-9″% since the beginning of this year: “-58″% since the beginning of the current month: “-9%”. The minimum quote for 12 months $8,65 15 Sep 2017 maximum: $46,22, 21 Dec 2017.
In August there was a brief sharp increase in the rate of ETS by 26% -28% to $21 per token. Of positive news it should be noted that payment service Skrill has added support for Classic Ethereum and cryptocurrency exchange UAE BitOasis announced that it has added to the platform this digital asset, so customers from UAE, Saudi Arabia, Kuwait, Bahrain and Oman will be able to buy, sell and trade ETC with zero Commission per transaction until August 31, 2018. And from August 20 to users is based in Seattle Bittrex will be able to directly buy and sell Ethereum Classic per U.S. dollar. Thus ETC joined the “exclusive club” traded for Fiat cryptocurrency on Bittrex platform, including BTC, ETH, USDT, TUSD and XRP.
This is a positive factor for the liquidity of the ETS and access a greater number of professional market participants to trade this asset. The latest news within the team Ethereum Classic associated with large-scale updates that the developers implement in the platform to make it more operational and effective, and also to find a solution to the most important at the moment, the problem of crypto — scalability of the network.
Amid the continuing bear market, a surge of interest among the participants to this alithinou is of short duration. However, it is possible to note the price range of $9-12 per coin, which has shown resilience in the previous 12 months and could be an attractive level to develop medium and long – term positions. To talk about the resumption of full-fledged uptrend will be confident after overcoming the important resistance area of $18-20 per token. — says Sergey Kovtunenko.
Course and trading volume depend on the Classic Ethereum speculators. The seventh of August on reports on accommodation ETC on Coinbase rate soared 38% to $20, however, by 13 August it fell again to $13, following the General market correction. Isolated dynamics altcoins yet exist, and in the crypto community believe that “winter altcoins close.”
It’s not about correction or depressed mood, and loss of faith in the future of digital currencies in principle, meaning the disappearance of most digital assets is thus afloat will remain only a very few coins and Ethereum Classic.
ETC now follow the market in a state of correction: in the framework of the week ETC it is unlikely to shrink below current market values recovering to the $15-$16, and still ETC is a long term investment since with a high probability the coin will remain among the TOP 10 cryptocurrencies, a new digital money ecosystem. — says Alexander kuptsikevich.
On the market there is an active fight bulls against bears. To define a new scenario, you have some time, which can show the intentions of the price to go beyond the embarrassingly protracted correction.