Analyze charts: Bitcoin fell back to $ 4,000. What's next?
Source:
Thanks to the efforts of state Treasurer Josh Mandel 23 companies in Ohio will now be taxes in bitcoins. This news is a real breath of fresh air amid the constantly red market. What about the prices of the main cryptocurrency? After draining last week, Bitcoin fell back slightly to the previous resistance line, while the bears make a small pause.
theLatest news
Due to the decrease of prices on the Bitcoin cryptocurrency to mine with relatively high electricity rates becomes unprofitable. This felt Chinese miners, which have massively sold their hardware with huge discounts. In some parts of the country even a few ASIC miners in bulk.
"The time to buy is when there're miners in the streets."
— cnLedger (@cnLedger)
«unplugged» became the reason of falling Hasrat Bitcoin, as many small and medium-sized mining centres suffer losses. The giants now seem to be staying afloat because of the relatively cheap electricity. By the way, the available power will soon lose Norwegian miners who are now massively migrate to Sweden.
theTechnical analysis
Yesterday the price of Bitcoin fell below $ 3700, but because of the huge oversold market asset was able to roll back to previous resistance around $ 4,000.
image Source — NewsBTC
On 1-week chart, unfortunately, still have to fall. The immediate goal of the bears remains the line $ 3,000 in this area should begin a long phase of accumulation of Bitcoin before the new ballroom. If the market will be enough dynamics, the break of the line $ 3000 is a prerequisite for a reduction to the level of $ 1,500.
Scale 1-daily chart, the bulls need to break above $ 4,500. In this case, there is a high probability that a powerful upward movement until the resistance at 5800 dollars.
image Source — NewsBTC
Today, cryptocurrency market capitalization is at a level of 127 billion dollars. Domination of Bitcoin is 53.9 percent. To be always up to date with all the latest movements of the coins, please subscribe .
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