Bitcoin wakes up after the fall
During the week from 10 to 18 September, trading on the stock exchange Bitfinex ended at the level of the previous week ($6240). In the second half of the week the value of bitcoin rose to $6596 in the framework of the corrective movement after the collapse of the market by 18% a week earlier. Buyers all weekend trying to get through the level of $6600, but was unable to hold the conquered positions. On Monday, the price went back to $6200 for bitcoin.
I still think that last week a locomotive for a massive strengthening of the dollar coins was the Ethereum.
From September 1, Ethereum fell by 44.8%, to $167 on the back of aggressive sales of ICO projects. Wednesday, September 12, speculators began to take profits on short positions. They began to buy for altcoins in the U.S. session. A pair of ETH/USD recovered 36.5%, to $228. After the ether has been strengthened bitcoin and altcoins. Upward correction bitcoin exchange rate amounted to 38.2% of the fall from $7429 to $6119.
Additional positive background for cryptocurrency exchanges created news about international banks (Citi, Merrill Lynch, Morgan Stanley, Bank of America), which plans to create cryptocurrency derivatives to their clients.
Monday, September 17, bitcoin exchange rate dropped from $6500 to $6202. Depreciation could provoke conversations in social networks about the problems of the network Tether. Users began to complain and inflate this subject, because in a network there are several thousands of unconfirmed transactions.
Omni Layer commented on the situation: “We are experiencing problems with the parsing mechanism, which transmits data in Omniexplorer and Omniwallet. The investigation is being conducted”. The company has restarted all of the processes required to wear out the problem.
Now they are all operating normally, only the market participants refuse to buy coins because the picture has again become bearish.
On bitcoin, the resistance zone is at $6600. Strong support is at $5950. Because of the protracted upward correction from $6119 to $6596 the end of the bearish phase from $7429 shifted from 23 to 27 September. And with a shift of the date of reversal of the increased risks of falling exchange rate of bitcoin is below $6000. If the $6000 will resist until the end of September, then in October-November we expect a good rally for all the coins.