Analyst: Bitcoin will test the level of 2970 dollars in the near future

Saw sideways movement on the chart after draining? Still no time to relax! The fall of Bitcoin will likely continue. In the near future cryptocurrency could reach $ 2970. Sure Daily FX analyst Nick Cowley. According to him, the decline to this level will be critical to the rebound of the asset.

Playing shorts

On his prediction for the next month Cowley said in an interview with MarketWatch.

After falling almost 40 percent no significant news background Bitcoin is trying to “build a base” in the area from 3500 to 3700 dollars. Although in the long term chart of the asset still talks about the bears ‘ dominance, decline to 2970 dollars can be the main reason for a sharp rebound.

As proof Cowley led indications technical indicator RSI, which is now in the oversold zone.

Image source — Reddit

Altcoins too, is not going to conquer new tops. Almost all the coins of the top 10 on Coinmarketcap in the last few weeks have updated their annual lows. Worst of all now have Cash to holders of Bitcoin and Ethereum. Both crypto-currencies suffer losses in trading pairs with the dollar.

While today was for the top ranking cryptocurrencies green. For example, Bitcoin has shown a nice 13% growth and has little to 4230 dollars in capitalization to 73.6 billion dollars. Domination of the main coins, equivalent to 53.4 per cent. Tron grew by 34 percent, Litecoin gained 17 percent.

The absolute leader in growth was the Verge. Coin XVG during the day, became more expensive by nearly 43 percent to 0.8 cents. Total market capitalization today is 137,7 billion dollars.

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