Bitcoin will fall to new lows? – analysis course for 29 may and forecasts
The bearish pressure on the exchange rate of bitcoin continues to grow. Early morning the price dropped to $7050, then fell back to $7100 and is now trading at this level. In the last 24 hours the first cryptocurrency has lost 3.5% in value and continues to fall.
Neither the analyst call with wall street to buy bitcoins, no news about the upcoming investigation into the manipulation of rates are unable to stabilise the price of a digital asset. Bitcoin continues to trade in a descending channel and could fall to a new low.
The technical picture
The currency pair BTC / USD is trading below the important level of $7370. While critical support is formed in the region of$7000. If the line is broken, bitcoin will continue to decline to the April lows of$6450. If the exchange rate manages to rise above $7370, it will recover to $7683 (23.6% of Fibonacci) and then to $8000.
Informed of the exchange’s schedule was a symmetrical triangle, but the support line was broken. Technical indicators point for further sale. The 100-day moving average is below the 200-day is a clear sign of bearish trend. RSI moves into the oversold zone, but that doesn’t mean that tomorrow the sale will end. Bitcoin needs positive news and investment to return to the previous level.
Previously on this topic in the news:
22.05.2018: Bitcoin will surely depreciate!
Chief economist at investment company Vanguard, Joe Davis expressed his opinion about bitcoin. He doesn’t consider the cryptocurrency a form of money and effective means of accumulation and I am sure that eventually the coin’s value drops to zero.
According to him, the blockchain technology that underlies cryptocurrencies, has prospects for development, but the currency is a viable area of application can not boast. The expert said that the Vanguard is already implementing blockchain technology in the system, but “Bitcoin cannot be taken as a means of payment. Its price is based solely on speculationand not on economic value. Cryptocurrency – frankly weak investment, unlike gold or stocks.” The economist urged investors to invest in tried and true asset classes, cryptocurrency, according to him, will soon be worthless.
Cryptocurrency – another failure in the transformation of money
Nobel laureate in Economics Robert Shiller has repeatedly called the bitcoin bubble and the psychological experiment. He recently said that cryptocurrencies – just another failed attempt to change the format of existing money. According to him, such attempts were already: for example, the “shop time” established in Cincinnati in 1827 year, the D. Warren. It products are sold for “labour bill”, that is hours worked. Naturally, the idea failed.
Schiller said that the concept of bitcoin is rather an experiment than innovation: “No one except the people working in the field of computer science, can not explain the circuit operation of cryptocurrencies. This mystery creates an aura of exclusivity, is of interest and fills the followers of the revolutionary fervor. However, there is nothing new, and has a beautiful story just not enough.”
Bitcoin is increasingly critical. Negatively about the first cryptocurrency was bill gates and Warren Buffett, which led to a lower rate. Current pullback is also hope, does not inspire, the market capitalization fell to $141 billion, but bitcoin can’t find the support of investors to recover their positions.
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.