Wednesday, 28 March 2018

Bitcoin market- the major support level $ 7 750 holds, bulls gain strength

Posted by Olga Gorinina at 16:22 Labels:


Today, March 28, bitcoin market displays large short volumes, but the market holds in the area of local minimum around ​​$ 7,750, somewhere in the region where the 200th moving average runs, the significant moving that is expected to support the market. While the market failed to demonstrate a real rebound, however, consolidation lasts only a couple of days and we think that the market will be able to demonstrate a kind of attempt for rebound.
At the same time, proceeding from the current trends and longs volumes, it is unlikely that the price will return to the region by 9000 USD by the end of the week, unless a large buying volume supports the market.
Over the past week, the crypto currencies awere under pressure and showed volatile trading. The daily volume of the bitcoin market in March was around $ 300 billion, moving up and down in the range from $ 280 to $ 350 billion.
Over the past few months, the Crypto currency market did not have sufficient volume and dynamics. Some analysts say that the market is having trouble with recovery from the last correction, the one that was the third-largest correction in the bitcoin market.
An interesting aspect of the market - over the past 10 days the market capitalization has not fallen, but has not risen from previous levels. Bitcoin capitalization in March constantly moves up and down in the range of 280 to 350 billion dollars.
It is important to note as well, after a serious correction, the market is likely to remain under pressure for some months before the start of its recovery. This is typical for any market.
Current volumes on large crypto exchanges mean a small probability of a market recovery in the short term. In the next few weeks, the market is likely to remain extremely volatile until large volumes of longs appear and the market will begin to recover.

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