Bitcoin rolls down again. Who is to blame?
Source:
Bitcoin Price is still in consolidation phase. Trading an asset like stuck on one and the same place — cryptocurrency does not want to leave the boundaries of an installed horizontal channel. Perhaps, in that it helps the whales want to accumulate as many coins in their wallets.
The Overall situation looks like this:
the-
the
- scale 1-hour chart Bitcoin moves in the borders of horizontal channel. There is a high probability of testing the support zone of $ 6360;
- technical indicators indicate the presence of a large number of sellers.
The bears still have enough forces for the further pressure to the market; the
At the moment, Bitcoin is trading around $ 6490. For the past day, the cryptocurrency rose 0.45 percent.
theTechnical analysis
Moving Average 100 SMA is below 200 SMA, indicating a high probability of falling. According to NewsBTC, now to open a long position even within the day is quite dangerous, so we recommend to wait for confirmation in the form of a bullish crossover.
Technical indicators do not play into the hands of the bulls. The market bears enough to drop Bitcoin to the nearest support line. Stochastic is moving down, so now we can expect a small rollback. When this indicator is finally going to go in the oversold area, followed by the rebound up. RSI also indicates the local downward trend.
image Source — NewsBTC
It Seems that now the market froze in indecision before the upcoming events. We will remind, after a month and a half will launch trading of Bitcoin futures platform Bakkt, the largest network of US exchanges. Most analysts agree that this event will be the main trigger the growth of cryptocurrency.
Also, do not discount the approval of the first ETF in the crypt. To this day, none of the company failed to obtain the approval of the Commission on securities and stock exchanges of the USA, but very soon the situation can cardinally .
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