Friday, 8 June 2018

Is bitcoin market alive?

Posted by Anonymous at 17:29 Labels:

Bitcoin market was squeezed in an extremely narrow range and despite all attempts to get out - the price is still in the range of 7020 - 7700. This situation persists for more than two weeks as of Friday, June 8, and the level of volatility is at the minimum values ​​for 8 months.

In traditional markets, this situation is resolved sooner or later by a strong volatility outburst and market impulse. Throughout the week, we expected the situation on the bitcoin market to be very close to this, given all the technical indicators. However, at the beginning of the US trading session on Friday, bitcoin again pulls lower from the already strategic resistance 7700 - the only mark in these days, a breakthrough of which can bring life back to the market in the form of volatility and trading volume. According to the website coinmarketcap.com, the market capitalization for today is 338 billion dollars.

Since May 24, the main cryptocurrency has been traded within the tight range of 7020 - 7700 dollars. During all these, trading sessions, volatility fell and the range narrowed. Over the past 36 hours, the price has barely moved, sales and market movements intensified only today with the arrival of European traders.

The daily volatility, which is calculated as the spread between the daily highs and the daily low, fell to $107 on Thursday, the lowest level since October 2, 2017, which is 86 percent lower compared to 2018, when the average volatility was $795.

At the time of writing, shortly before the start of the American main trading session, the bitcoin prices were $7552, the maximum if the day is at 7672.

All week long bitcoin looked set up for a major upward move. Now the inability of the bulls to overcome the resistance at 7700 dollars left the doors open for the bears. At the same time, an upward support trend line supports buyers and does not let the price lower.

A move above $7700 will signal a bullish breakout and set the tone for the next resistance test at 8040. On the other hand, a break below $7020 would mean a bearish local victory. In this case, bitcoin may fall below $6000 (the February minimum).

FortFS

1 comment :

  1. jaosnsmskth13 November 2021 at 08:07

    anks for sharing the article, and more importantly, your personal experience mindfully using our emotions as data about our inner state and knowing when it’s better to de-escalate by taking a time out are great tools. Appreciate you reading and sharing your story since I can certainly relate and I think others can to
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