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The price for Bitcoin has broken a historic bottom

FXcoins - The price for Bitcoin has broken a historic bottom

Already this weekend the price of Bitcoin fell below 7 000 USD, the same fate expected and other cryptocurrencies. Analysts believe that the price of BTC will fall, presumably, to a value of 5 000 USD 6 000 USD. On the charts, there was a clear downward movement which was supported by the growth in trading volume.


At the moment, the winners are those traders who choose the “bear” tactics. Began active sales, then divergence on the RSI helped to assume that such traffic is a short - term rebound the price, not the final fall of the best cryptocurrencies.


The first cryptocurrency in the world pulled a number of other valuable market assets, bringing the total market capitalization began to decline. State Aldona, for example, more deplorable than Bitcoin - it proves total market capitalization, which is at the level of 184,5 billion USD, while the index of dominance BTC — 66,2%. CoinDesk Markets analysts claim that the next Bitcoin price will be equal to 6 200 USD.


At this stage, many traders are concerned about the level of market support. Rainbow little positive and strong fundamental support for prices is hard to find. Indicators such as on weekends, was recorded by RSI in September 2019, then Bitcoin had such a strong pressure from the sellers.


The cryptanalyst Josh Rager, who works with Volume Profile indicator indicates that the Bitcoin price will not fall below 6 300 USD. DMA 200 MA can serve as a support for prices, as it was in 2018, however, currently shows 5 MA 200 000 USD. Probably, the level of support will be if the actions of bears will not lead to the figure of 6 000 USD. Analysts Byte Tree I think that is a fair price for Bitcoin.


Recall that for the largest cryptodermatinae exchange BitMEX is still dominated by short positions, as well as on Binance sales.

25 November 2019

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