The recent hacking of crypto currency exchange Bithumb slightly affected the overall sentiment in the market. Short-term decline was replaced by growth in most digital assets. Bitcoin per day increased by 2%, experts are optimistic.
The Creator of Litecoin (LTC) Charlie Lee stated that the hacking cryptocurrency exchanges Bithumb does not change the fundamentals of bitcoin. Lee believes that the price drop is the typical market reaction to news about the hacking, it happens all the time. The value of an asset such an event is not affected, as well as a Bank robbery does not affect the price of gold. Lee said: “People have to get used to your cryptocurrency assets need to be protected much better than traditional financial savings. Despite the drop in rates (during the year it decreased more than 60%), bitcoin is going very well, his network has become stronger.” Lee suggests that in a short time course stabiliziruemost.
Also Charlie Lee said it is extremely difficult to predict when the end of bearish trend. It can last for several years, but may fail tomorrow.
The technical picture
Bitcoin is still trading in a descending channel. From the moment you enter in bearish trend, the first cryptocurrency has lost more than 30% of its value. Digital asset failed to overcome resistance at $6700, the next important mark – $6900, only then will open the way to $7000 and above. RSI indicates a slight overbought, buyers ‘ activity is gradually reduced, and the growth may be due for a correction. The nearest support line is at the level of $6600 $6550 (100 and 200-day moving averages). The market capitalization of bitcoin is $115 billion.
Previously on this topic in the news:
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.
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.
24.05.2018: Tom Lee: “3 reasons bitcoin will rise to $25 000”
Tom Lee Lindstroma prediction on which bitcoin rally after the conference, the Consensus did not materialize, continues to insist that by the end of the year the value of cryptocurrency will rise to $25 000. The forecast analyst with wall street underpins the three factors.
3 reasons supporting the growth of bitcoin:
The current situation on the market analyst and investor explains “typical cryptocurrency volatility” and is confident that bitcoin will beat your record from last year.