Why the price of Bitcoin can’t grow? A new explanation

Bitcoin lacks the impetus for growth due to the fall in volatility to an annual minimum. It seems that the Bitcoin correction is delayed, and in the near future we are unlikely to see a sharp rise course, due to the loss of investor interest. It is reported by Coindesk.

When will Bitcoin grow

According to Coinmarketcap, the total trading volume on all cryptomerias decreased to 2.92 billion. This is the lowest level since November 7, 2017. The fall in volatility due to negative sentiment of traders. Most likely, they will not be impressed with a small pullback 6080 dollars.

Retain the cryptocurrency a level of $ 6000? The question remains in force until Bitcoin is not probeit key the mark of 6800 dollars. There is now upper Bollinger band. Over the last week this indicator is greatly narrowed, which indicates the beginning of lateral price movement. At the moment Bitcoin is trading at $ 6610.

On the daily chart we can see an inverted head and shoulders. The figure indicates a possible short-term change of trend. She turned out to be true, Bitcoin will need to break the level of the neck, which is fixed on 6840 dollars. There is also the upper Bollinger band, so this is a pretty strong resistance level.

The situation on 4-hour chart looks even more optimistic. The RSI indicates the predominance of the bulls. Soon the price could overcome the 20-day moving. On the other hand, the sharp fall below the level 6240 dollars can open the way to a new annual low.

The result — wait for the rapid growth in the near future just not worth it. Bitcoin volatility and lack of interest from traders for a new price rally. The key level of $ 6840 at the moment is nearest strong resistance.


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