Despite all the promises of Bitcoin-maximalist, the price of the home cryptocurrency can not make the next leap up. This week the price of the coin has not fixed above the level of 11 thousand dollars and under the pressure dropped down to 10 thousand. Apparently, the start of a new wave of growth prevent the three negative factors from the point of view of fundamental and technical analysis.
China has again fallen off the market
A couple of days ago revealed details of loud fraudulent scandal in the country. Almost a year in China operated a pyramid scheme PlusToken associated with cryptocurrencies. According to preliminary estimates of local law enforcement, hackers managed to steal from the gullible investors at least 200 thousand BTC and 800 thousand ETH. It is a huge amount. Co-founder of the Foundation Crypto Primitive Davie van published in the Twitter photo of the main suspects.
as per sir @loomdart ‘s request, this thread is abt the on-going sells off made by PLUS Token, the biggest Chinese PONZI scammed which is ~70K $BTC + ~ 800K $ETH
I mentioned it briefly in my last oped Coindesk but worth additional attention as it may cause further sells pic.twitter.com/uIjgrzwHET
— Dovey Wan ? ? (@DoveyWan) August 14, 2019
It is reported that some members of the team PlusToken was detained, but the cryptocurrency of the wallets of the fraudsters are still moving on the exchange for sale. The police have full control over the purses, some holders of the private keys of the addresses PlusToken are still on the loose. They continue to sell stolen bitcoins obvalivaya the price of the coin.
The problem with futures
The price movement of Bitcoin futures on the Chicago Mercantile exchange is a popular tool for predicting the future value of cryptocurrencies. A few days ago, a cryptanalyst The Cryptomist said that Bitcoin will continue to fall, until you “fill” all the gaps on the chart of futures prices.
We will remind, gaps or breaks occur after the abrupt change in direction of movement of an asset. According to the calculations the Cryptomist, BTC will continue to drop to $ 8,500, which is now the last gap.
The trader with years of experience, Peter Brandt has another goal — moving average line on the scale of 1-week schedule. Read more about the use of moving averages read in this article.
He predicts that to continue bullrun Bitcoin should fall at least to $ 9,000.
A new phase of accumulation
There is a possibility that the price movement of Bitcoin will be relatively stable and smooth by the beginning of 2020. Some experts are predicting a prolonged period of lateral movement of the chart cryptocurrency — that is, without significant stages of growth or decline. According to them, this is a necessary measure for the long-term rise in price of BTC.
While the majority of market players are scared by the prospects of falling of Bitcoin, big investors prefer to stock up on bitcoin. This is evidenced by recent trading statistics from the exchange Coinbase.
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