Market analysis: Bitcoin is falling again. Will growth next week?

Bitcoin does again problems. After rising to the top of the triangle on a 1 day chart, bitcoin has been able to maintain its position and again rolled down. In the 4 hours chart the picture is not entirely optimistic — it seems the bears again regained control over the market position. If the current trend continues, the value of the asset may return to the main support in the area of $ 6100.

At the moment, Bitcoin is trading in the zone 6450 dollars. For the past day, the cryptocurrency fell by 1 percent.

Technical analysis

Scale 4 hours chart 100 SMA moving average is still under 200 SMA. This gives the bears strength and negates all the efforts of the bulls to form a new uptrend. In the short term should not open long positions until the crossover on the moving averages.

Technical indicators, sadly, also indicate a downward price movement. Stochastic is moving down, but the indicator is still plenty of room before oversold. RSI also plays for the bears, so that in the near future we are unlikely to see a rollback to the upper boundary of the triangle.

Image source — NewsBTC

Latest pump prices of the main cryptocurrency was caused by confusion with the Tether. We will remind, recently the price stablon collapsed, and he began to rapidly lose capitalization. However, many are afraid that the problem with USDT can send the stock market to a new low.

However, traders still have hope for a new bullrun, the start date which is now postponed to 2019. According to some experts, the main catalyst for growth of cryptocurrencies will be the arrival on the market of large institutional investors. Now even the largest network of exchanges in the United States is prepared to work with digital assets.

The analysis of graphs carried in the Platform. For other information go to cryptcat of hontarov.


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