Bitcoin rose above the level of $7600, breaking the important resistance level of$7500. However, to get to the level of the$8000 first bitcoin need to overcome 2 obstacles.
At bitcoin every day there are more critics. Well-known investor and CEO of Kynikos Associates Jim Chanos called the digital asset “imagination and a product of global risk”. He said: “Bitcoin is a game of speculation, which is disguised as a technological breakthrough in the financial system. However, many famous people support bitcoin. In defense of asset was made by the Apple co-founder Steve Wozniak, who said that he believes that bitcoin will become the single world currency.
The technical picture
Bitcoin managed to escape from the descending channel and now he’s heading to the next resistance level is $7680. The break lines and sustainable move above will bring bitcoin to $8000, from which you can attack the next level – $9000. If bitcoin manages to hold, it is possible to repeat sales to $7000.
The 100-day moving average is above the 200-day – this indicates that the path of least resistance upward. Both lines act as dynamic support. RSI is immersed in the overbought zone, but the bulls still have the opportunity to bring bitcoin to the line $8000 before the next correction. Market capitalization of crypto-currencies is $130 billion.
Previously on this topic in the news:
01.06.2018: “Buy bitcoin now while it’s cheap” – the founder of Pantera Capital Management
Dan Morehead, founder of Pantera Capital Management believes that now is the time to buy cryptocurrency. In an interview with CNN, he said that the volatile nature of the digital asset only in the hands of investors, and now to participate in the rally are much cheaper.
“All cryptocurrencies are now very cheap. Prices have declined by about 65% compared with their highs. Now buy and participate in the rally much cheaper,” said Dan Morehead, founder of Pantera Capital Management in an interview with CNN.
Bitcoin, one of the most popular cryptocurrency peaked at $19 500 in December of last year, in February, it cost was less than $6000, today it is trading at $7500. Such volatility can make good money, especially as many experts are predicting a new rally and we are confident that bitcoin is the end of the year will cost a minimum of $20 000. In favor of investors could work and the fact that crypto-currencies are not yet regulated properly.
“Need to invest now so that in 3-5 months, when the background of the regulation of the rate goes up, to strengthen its position.” Morehead recommends buying cryptocurrency as soon as the rate falls below the 230-day moving average. This strategy worked well for the 5th time in 6 years.
Pantera Capital Management – a company founded in the US in 2013, is one of the leaders in the cryptocurrency sphere. In the assets of the company include 25 types of liquid digital assets, including XRP, Ethereum and Bitcoin.
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.
17.04.2018: Bitcoin will cost a minimum of $20 000 by 2019 – TOP 10 expert opinions
Despite the precarious position of bitcoin in the first quarter of 2018, experts continue to give optimistic forecasts. Financial experts and traders think that by December there is a mass change, and the price of Bitcoin will rise sharply.
TOP 10 predictions experts: