Bitcoin Undergoes Further Correction, Drops below 800
In what has been a really volatile week for Bitcoin, the Bitcoin price dropped below $800 today. The European morning trade hours saw more than 10% tumble in Bitcoin prices. This is the first time the price has gone below $800 since December 21st. Bitcoin, whose price had been soaring as a result of the world events like Brexit, the US election results, demonetization in countries like India etc. last year, peaked at $1,153 earlier this year. There is a general consensus in the Bitcoin community that the frantic trading as a result of the Yuan devaluation at the end of 2016 propelled the....
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Bitcoin has sustained a strong correction since its $19,600 highs seen earlier today. The coin currently trades for $17,300, down approximately 12% from those highs. Some have suggested the coin could drop lower toward $16,000 in the days ahead. Macro charts show that $16,000 is where Bitcoin may find serious support. Bitcoin Undergoes Strong Drop From Previous Highs Bitcoin has sustained a strong correction since its $19,600 highs seen earlier today. The coin currently trades […]
Bitcoin has reached a resistance line, where a turn to growth can form. Will the downward correction end now? Will there be a turn to growth? After reaching the limit of the flat, the majority of traders enter the game and bet on a drop. Thus, either Bitcoin’s price rebounds or a fortification begins. A fortification is a signal for a turn, when a price does not return to the opposit limit, but rather undergoes a correction. In case of a fortification, it’s plausible to assume that the advantage is with the bulls, but there’s still potential for one more confirmation in the form of a....
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Ethereum’s price undergoes a continued decline and has now reached the medium-term resistance line. The market will now choose new direction. Will the downward trend continue? Ethereum’s price is at an important level of convergence for large trading volumes. The further movement structure will determine if this level is the peak of a rebound within the continued downward trend, or a turning point before growth. If Ethereum’s price manages to hold at the current level and form a turn, then we should expect at least a more deep upward correction.