Bitcoin exchange rate shows a bearish mood
During the European trading session the bears came out in a good plus. The bitcoin exchange rate dropped from $9439 to $8605 (-8,03%). BTC/USD is in a sideways trend since March 9. The fall of bitcoin stopped due to the transfer of trial in the bankruptcy exchange Mt.Gox until September 18 2018. The participants regarded the migration as a positive factor for the market because, Nobuaki Kobayashi will not be able on the open market to sell bitcoins and the bitcoin cache. At this news the rate of BTC has recovered to $9900.
After a previously published report on the exchange Mt.Gox, which says that it Dec sold in the market of BTC and BTH in the amount of $400 million, now its one mention on the market causes sharp price fluctuations. To understand the details no one wants. The market swallows all the negativity, which cannot be reclaimed.
Fig. 1 Hour chart BTC/USD
At the time of writing the review on the Bitfinex team for 1BTC gave $8702. Buyers are trying to fend off the lower channel line (dotted line). The canal was built from the lows of $8342 (March 9) and 911 8428 March). If the price will come down, the sellers will open two price levels at $8253 $7779. Without positive news on the regulation of the fall in the price of digital coins cannot be stopped.
Fig. 2 two-hour rate graph of BTC/USD
I would the current situation on the market noted as uncertain with a bearish bias because Bitfinex market participants that use leverage, and actively buy and sell BTC. As can be seen from the graph above, the number of long positions (35,5 thousand BTC) over short (24.6 thousand BTC).