The rise of bitcoin has not impressed investors and pessimism returned

  • And
  • +A

Optimists, who had begun to believe in the beginning of the recovery last week today was at a loss. That speed, which is demonstrated bitcoin recovery has inspired false hope. First and foremost, we note the lack of strong growth in volumes of transactions on buying. And without this support we should not expect to overcome Bitcoin (BTC) is an important resistance around $6650 – $6800.
After testing these markers, the quotes rolled down and potentially we can expect the movement to the nearest support at $6500. The conservation of momentum for a move lower will open the way for sellers to $6300 and support, which has so far failed to gain a foothold in 2018, $6011.
The coming months will be the most intense struggle between “bulls” and “bears.” And understanding where will the price move will come only under condition of consolidation below $6011. In this case you should re-open the transaction to reduce the main crypto-currencies to new lows this year. Proof for the opposite opinion will be closing the daily candlestick above the value of $6800, which will provide a basis for the development of the movement to the area of resistance at values of $7375 – $7500.
Investors in other less popular cryptocurrency Ethereum (ETH) said last week just two sure attempts to go above an important resistance level of $487 (23.6% correctional level of Fibonacci lines). But the forces of “customers,” every time exhausted directly into the value that leads to the development of reduction within a short-term strategy with possible achievement of a significant technical analysis support for $400 – $422. As for bitcoin, now it would be better to take a “position out of the market” and on the air. Now “big business” just getting ready to make new transactions, which may be for buying and selling. And trying to predict – a thankless job because of the low volumes in the market. But may soon “start storm”.
Today again prevail news that causes investors to urgently get rid of their scriptaction. So it became known about the threat of fraud by the Singapore exchange Bitpaction. Suddenly, the administration stopped communicating with customers (and experts have questioned the reality of the existence of some of the leaders of the exchange), and disappeared any activity in social networks.
Also significantly increased up to 1% Commission when withdrawing BTC. For these reasons, some projects on the blockchain NEO already stated “plain text” its customers about the possibility of loss of funds and gave the recommendation to urgently withdraw money from the stock exchange. As you can see today in the stock market affect the fundamental factor that certainly not in favor of bullish market movement.
_____________
Paul Shipunov,
Head of unit, analysis and research,
ICBF