On Sunday, bitcoin fell to a low of $6652 and is now trading at $6800, but the recovery is weak and unconvincing. After the cryptocurrency lost 10% of the cost, she barely managed to regain 1%.
Robert Kamer, an analyst at Fundstrat Global Advisors said that the break of the $7000 bitcoin means another difficulty: “the Downward trendthat began in early may, is still ongoing. Critical resistance level is $7800. Only with a stable growth rate above this mark will help to get rid bearish effect on the market”.
At the same time , Chanpen Zhao, CEO of kitobini Binance said that the recent decline of bitcoin prices is a normal trend. Zhao said that if we analyze history, nothing abnormal in the current price adjustment no. In 2010, the course correction the first cryptocurrency was much more than the current decline. For example, in 2011, for 3 months, bitcoin lost 94% of valuein 2013 – 85%. For 2018 with a maximum value of the asset fell by 61%.
The technical picture
While there are no clear signs that bitcoin will go up, the movement inside the canal is more like a flat. Resistance level is $6900, he strengthened the 100-day moving average. If bitcoin it strikes, is expected to recover up to $7250 (200-day moving average). The closest support is on the line $6779 (50-day moving average). The indicator RSI is still in oversold territory, but the activity of the bulls is not observed. Ichimoku indicates a further drop, bitcoin is trading below the cloud.
Previously on this topic in the news:
11.06.2018: the Collapse of bitcoin, the exchange rate fell to a low of – analysis for June 11, and forecasts
The period of peaceful consolidation of bitcoin turned into an epic disaster. The rate has fallen to the April lows, while market capitalization fell by $16 billion, reaching $115 billion. Experts have called the cause.
According to analysts, the volatility of bitcoin has fallen to 52%, the lowest level since the beginning of 2018. The day bitcoin has lost 8% in value. Experts attribute the collapse of the cryptocurrency market with a major hacking of the South Korean stock exchange Coinrail, which is in the TOP 100 kryptomere trading volumes. Estimated amount of loss platform is more than $40 million. The exchange suspended trading, other assets at the time of audit moved to cold storage. On compensation for damages to the user while any statements from the leadership of the exchange has not been received.
The technical picture
The prognosis is not encouraging. Critical support for bitcoin is at the level of $6464. If the line is broken, the sale will continue until $6000. To get out of the bearish trend, the first cryptocurrency required a stable growth above the level of $8000. While the currency pair BTC/USD is limited to the 50-day moving average level of$7000 and 100-day on line $7280. The RSI indicates oversold, but other indicators predict a further drop.
Other cryptocurrencies too lost in the price from 6 to 15%. Total market capitalization decreased from 340 to 296 billion dollars.
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.
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.