Bitcoins: Black Friday continues black Monday
The bitcoin exchange rate continues to decline towards the level of $3000 per coin, to the level where there is an important area of support at least September 2017. If it is broken then panic selling will only intensify, and soon the price may fall below $2000. But again, this is only if the $3000-3100 will not stop the sellers.
In the last week the price of BTC lost -26,24% and depreciated to the lowest in 14 months. And since the beginning of the year the price fell by 70%. It’s safe to say that buying BTC in 2018 year, relying on “fast” and high profits was one of the worst investment ideas.
The exchange rate of bitcoin on Coinbase cryptocurrency exchange at the auction on Sunday the 25th of November reached the lowest value since September 24, 2017 — $3 453 per coin. The total capitalization of the stock market during the period of November 2018 fell by $79 billion – from $207 to $128 billion.
The collapse of the market of digital assets is observed in almost all of November, but the fall of the November 24-25, there is a feature. If in the previous days, the rate of decline of bitcoin was lower than that of its main competitors, now BTC speed drop ahead of altcoins, such as Ripple, Ethereum, EOS, Litecoin.
Compared to the record highs of last December in the area of $20,000 per coin, bitcoin collapsed by 82%. Let me remind you that the reasons for the decline are different factors ranging from hard forks coin Bitcon Cash to speculative sales triggered by the pressure on the US stock market. As accurate and intelligible reasons for the decline, there is no clear justification for the stop of this fall. All eyes are on the most intuitive, informative and simple type of analysis – technical.
The current price of BTC is much lower than the average for the last 50 days, and in turn is also below average for the last 200 trading days. This trend is reinforced by the fact that the decline over the past 50 days was greatly accelerated, increasing the negative which is bearish for bitcoin, called in technical analysis a “death Cross”, which was formed in March of 2018, when the MA(50) crossed MA(200).
Despite the strong oversold, keep falling value of bitcoin. Should be patient and see how the price will behave at the psychological mark of $3000 per coin. A break of this level will cause a complete panic in the camp of investors, and hopes for market recovery will be permanently lost.
“International Financial Center”