country flagالعربية
0
0

Cryptocurrencies divergent expectations for future of cryptocurrencies

2019-09-11 01:10 pm | Resource: | No Views : 7

Cryptocurrencies divergent expectations for future of cryptocurrencies
Bitcoin price slips back. Over the past day, the cryptocurrency has headed lower, dropping to $ 1050 at the time of writing. Recording a 2.5% drop on the day, although the bitcoin index does not seem bearish in itself.

However, as volumes decline and Bitcoin recedes into a descending triangle pattern, which analysts say means more price collapse, bearish traders are starting to see their theories gain credibility. Analysts have recently noticed that if you are going to compare the evolution of the Bitcoin price right now to early 2017, moving to the "7,000 range is a staggering distance", pointing to a possible downturn. However, there is a very accurate technical indicator showing that bulls in this market will be able to withstand the collapse to $ 6,000.

Bitcoin price is ready to rebound

On the other hand, in a different way over the relatively short history of the currency market, repeated models have been created. One such element is the reversal of Bitcoin from its 20/21 week moving average in emerging markets to confirm the upside.

In the historical year of 2017, Bitcoin beat this level about five times, each time closing above that key moving average, then rising to all-time highs in the weeks that followed. In fact, if history repeats itself, Bitcoin will be strengthened only after facing this major support, and will not weaken until it drops to $ 6,000.

Another merchant, Mr. Anderson, echoed this. He explained that although cryptocurrency trading below $ 10,200 should be cause for concern, Bitcoin has never failed to support the major daily moving averages (which are very similar to 20/21 weeks)

Cryptocurrency trades
  • Bitcoin was mixed 0.38% to trade at $ 10021.1
  • Ethereum rose 0.19% to trade at $ 197.38.
  • The ripple fell 0.46% to trade at $ 0.25521

Other analysis

More analysis

Best trading brokers

All Rights Reserved
Risk Disclaimer: Trading in foreign exchange market (Forex) includes the risks and the possibility of loss. That is why we are keen on providing the highest quality news and analysis concerning the different markets traded. The opinions expressed in the site indicate the opinion of the author only and not the views of the administration or the public, knowing that errors could be encountered and there is a possibility to commit them. Before starting to trade you should carefully consider your investment objectives, and review the level of experience and risk appetite. In some cases, possible high leverage can lead to loss of funds invested, so you can not invest money that you can not handle its possible loss. You should be aware of all the risks associated with foreign exchange trading and seek for advices from an independent financial advisor if you have any doubts.TradingPekk.com does not assume any responsibility after the occurrence of financial loss to the dealer and the user carries full responsibility for the losses resulting from the use of news, analysis and data on the site.