fedorenkoalexei

Bitcoin: unstoppable bears

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bears still remain in control of the cryptocurrency market as after a period of consolidation, digital coins switched to a free fall which continues since Sunday. Bitcoin             has accelerated its downtrend yesterday, with the price plunged below the $6,400 level, to early-February lows marginally above the $6,100 area. During the early hours on Thursday, the coin has staged a technical rebound and attempts to get back above the $6,500 area.

Apart from the recent hack on a cryptocurrency exchange, the sell-off has intensified amid the new research that highlighted that last year’s bitcoin             rally was just a fraud and the artificially inflated price action. This adds to the arguments for skeptics and further damages the reputation of the digital coin, which theoretically opens the way to further decline before it finds a bottom.

The immediate goal for unstoppable bears now comes at $6,000. Should BTCUSD             fail to hold above this threshold, the pair will likely visit mid-November lows below $5,800. But the coin will hardly go significantly lower from the current levels as the asset looks technically attractive for buying already. So there is a chance the pressure will ease somehow during the potential probing of the $6,000 figure. It is also possible that the price will regain the $6,500 level in the short term, but the current rebound looks rather unsustainable so far.
EN English (UK)
EN English
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out