Bitcoins back losses, but experts forecast remains negative
The bitcoin exchange rate on March 10 stopped the fall, but not yet turned to growth. Current levels at which the value of Bitcoin is not are strong support levels, so the risk that the fall of the cryptocurrency will resume, remains high.
Over the past day, buyers managed to pare yesterday’s losses, but activity is too small to push the price of bitcoin higher.
At 17:30 GMT., main trading platforms display these values of the rate BTC/USD:
Bitstamp – $ 9290 (+0.77%)
Bitfinex – $ 258 9 (+3.0%)
Coinbase – $9 327 (-3.12%)
The market capitalization of bitcoin at the moment is $158 364 billion.
Bitcoin exchange rate in no hurry to recover
The main issue on the agenda remains the future growth of the cryptocurrency in the future. Given the recent attempts of the price to go below $9000, the situation on the market of cryptocurrencies is not very favorable.
However, according to reports published by the Commission on trade commodity futures (CFTC), large speculators by 16% reduced the number of short positions on bitcoin.
After a week break, the players again began to focus on the growth rate of the asset and open a buy position. The same behaviour was observed among the individual small players.
Experts attribute this primarily to the achievement of the price of Bitcoin the next minimum. Many who stayed out of the market until the price of bitcoin grew, took a chance in a period of strong sales, and increased its position.
It is not yet clear how long the wait is optimism, but it is likely that the factor that has allowed bitcoin to stop the decline and a bit of play daily losses.
Bitcoin exchange rate today
On the chart of the bitcoin/dollar price was fixed at $9 200, and the next one as you can see, purchase will not increase. Today and tomorrow the weekend, and traditionally we will see a weak activity on the trading floors.
The exchange rate of bitcoin in the coming hours will begin to strengthen and continue growth. In this case, the first target is the psychological level of $10,000, which was repeatedly crossed with a price and one in the other direction.
Next intermediate resistance is around $10 300, where the moving average. In this area sellers will try to take revenge, and give bitcoin to new lows.
The negative scenario
The rate of bitcoin will continue to fall, and then the first target is $8 000, to which the sellers failed to lower the cryptocurrency in the previous days.
The current market froze in one place, and it seems buyers and sellers need some time to adjust position before the rate of bitcoin will start a new movement.
Courses cryptocurrency today in green color after the last collapse. We regard this dynamics as a technical correction, with a high degree of risk of a repetition of last fall.
The growth of the major altcoins in the range of 1% -3% can hardly be attributed to anything more than a temporary halt prices.
Market analyst cryptocurrency
Stock Markets Group™