On the cryptocurrency market continues to be dominated by bearish trend. There is a decline of all cryptocurrencies. Experts are already beginning to compare the market since the year 2014when the price of bitcoin fell from 1236 to $ 225.
Bitcoin. Cryptocurrency was not able to break the mark of $6700 and under the pressure dropped to $5800. Analyst Robert Kamer of Fundstrat said that break of the $6300 bitcoin is the critical level. If in the near future cryptocurrency will not win back the position, the decline will continue to $5000 – new at least 2018. Experts are already beginning to draw Parallels between 2018 and 2014. In 2014 the price of bitcoin in 5 months fell from 1236 to $ 225. In 2018 with up to 19600 5900 dollars. For the week, bitcoin fell nearly $500 (or 7.6%).
Ethereum. The air is still in the bearish channel and is testing the lower border of the support. If the bearish pressure will increase, cost will drop to the March low at $400 and below. To restore the position of the asset need to get back to $480. During the week the price of bitcoin has dropped by $80 (16%).
Ripple. XRP is trading at the level of $0.44. The value of cryptocurrencies is falling, because the market is dominated by a downtrend, but on a critical level yet, however. During the week the price of the asset has decreased by 14%, but on the background of news about the expansion of the network RippleNet and signing contract with another large Bank (Kotak Mahindra Bank, India) case Ripple is not so bad.
Bitcoin Cash. Cryptocurrency trading channel in the $650-700 and continues to get cheaper. For the week the value of Bitcoin Cash decreased by $145 (17.9 percent). Critical support is at $640, a break of this level will lead to a drop to new lows – $600 and below.
EOS. After network launch project EOS caused more criticism than approval. It is not surprising that cryptocurrency is also not able to hold the position. During the week the asset has fallen in price on 21%, although trading volume increased. Critical line of support is at the level of us$6.8while there is no need for concern.
All indicators show that the bearish trend is strong and may well be protracted. Despite the fact that the RSI and the Stochastic already in oversold, the buying activity for a reversal of the market is clearly not enough. Many expect the price of assets will fall to new lows.
Previously on this topic in the news:
26.06.2018: Why fall cryptocurrency? – 5 reasons
Last year the digital asset has grown by leaps and bounds. During the year the capitalization of the cryptocurrency rose from $17.7 billion to $613 billion, a growth of 3300%! In 2018, the virtual currency fell to a minimum, and there are 5 reasons.
5 reasons for the fall of cryptocurrency:
25.05.2018: In the United States are investigating who is manipulating the exchange rate of the cryptocurrency
Lately, experts attribute the price fluctuations with the manipulation of exchange rates of crypto currencies. The U.S. Department of justice began a criminal investigation to confirm or deny the presence of illegal actions on the part of traders.
Sources report that in the first place the investigation will be aimed at identifying illegal trading tactics, which may affect the quotes of cryptocurrency. First and foremost, it is the supply of a large number of fake bidsto push the other parties to the sale or purchase of cryptocurrency. Also popular method of artificial creation of large trading volumes of the asset: traders simultaneously buy and sell the same financial instruments and introduce market confusion.
Authorities are concerned that the market is prone to manipulation, because they cause massive fluctuations in prices and undermines trust in digital assets. Employees of the Ministry of justice has merged with the Commission on commodity futures trading, which is the financial market regulator.
The market research involved not only the United States. For example, Chinese experts during the investigation have identified more than 400 fake cryptocurrency and ICO.
10.05.2018: which cryptocurrency to invest in? – a new rating from Weiss Ratings
Martin Weiss, founder of Weiss Ratings does not support the position of Warren Buffett regarding the cryptocurrency. He believes that they may become the basis for digital cash system of the future. His Agency has already made Raiting promising digital assets 2018 and those in which to invest is not advised.
At the shareholders meeting of Berkshire Hathaway Martin Weiss said: “Many investors and financial experts seem to underestimate the benefits that can provide cryptocurrencies from the point of view of speed, security and decentralization of payments“. According to Weiss, a cryptocurrency can have value on 3 levels:
Analysis of prospects of digital assets
Agency Weiss Ratings has introduced a new ranking of cryptocurrencies. Experts optimistic about the future of the EOS, Cardano, NEO, but are against all forks of bitcoin. The real problem of data tokens, according to experts, is that too few people using this cryptocurrency. According to recent reports, their network is not processed more than 20,000 transactions per day, so ppl were absolutely meaningless. Not appreciated by analysts and cryptocurrency DigiByte, despite intense growth in the last month. Analysts explained that this project is Rhett Creighton, who likes to create a new cryptocurrency based on bitcoin with the goal of a quick profit. Among his projects are also Private, Bitcoin, and Bitcoin ZClassic Prime.
Bitcoin expect to have received from Weiss Ratings low rating. Analysts attribute this decision to the high volatility of the token, and gradually oust it from the market is more promising competitors (Ripple, Ethereum, etc.). The Creator of the rating of Martin Weiss notes that the highest score may only receive the digital currency, which will have seldom observed a sharp and serious decline.