The currency pair BTC / USD is trading at $6400-6500, recovering from a new low of $6154, which is a bitcoin dropped on Wednesday. Amid rising trading volume of the cryptocurrency rose 3%.
Experts previously predicted that bitcoin will reach $32 000 by the end of the year. But because of the fall of the cryptocurrency market , the number of optimists was on the wane. Now Business Insider UK analysts believe that by the end of 2018, the digital asset will be overcome only by the mark of $14 000. In the preparation of the June report involved 10 cryptanalysts. They expect that by 1 July 2018 first cryptocurrency will return to position $8487and by 31 December will increase to $14 638. Were analyzed 13 of the cryptocurrency, according to him, the forecasts are not too encouraging: a significant increase, more than 200% is projected only for the EOS, if there is a running platform, others are unlikely to reach even last year’s highs.
The technical picture
On the short term stock chart clearly shows that the recovery of bitcoin is limited to $6500. If bitcoin manages to break this level, it will reach $6572 (100-day moving average), and then to $6700. As support is the 50-day moving average at $6300. RSI indicates oversold, but the bulls have taken a wait and not rush to buy assets. Ichimoku indicator continues to point to a downtrend , bitcoin is trading below the cloud. The market capitalization of bitcoin has dropped to $111 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.
13.06.2018: Will bitcoin grow? – analysis course for 13 June and forecasts
After a sharp fall in the direction of the course and remains uncertain. The currency pair BTC / USD is trading in a channel $6500-6600 and not in a hurry to recover position. The first cryptocurrency has reached the lowest level since the end of March.
While news that would have accelerated the growth of bitcoin, no. On the contrary, the U.S. wants to tighten the regulation of digital tocinoV. SEC Chairman Jay Clayton at the conference in Washington has said it wants to establish control over all tokens. “These assets should not be exempted from financial regulation. Moreover, they must carefully examine,” added Clayton. Given the confusion in the regulation of cryptocurrencies, it is unlikely the news is good.
The technical picture
The daily chart shows that attempts to restore bitcoin is limited by the resistance of$6700 and $6740 (50 and 100-day moving average, respectively). If the digital asset will be able to break through these lines, we can talk about the increase to $7000. A break below the support level of $6500 can lead to a long fall. RSI indicates a clear oversold, but the bulls to become more active in no hurry. Moreover, bitcoin chart Ichimoku trading below the trend line again and is under pressure from the “death cross” for sale. If not increase the volume of buying bitcoin, the bears will target levels of $6000 and $5800 (at least February).
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.