Today, may 24, the first cryptocurrency, as the overall market continues to decline. So, currently, bitcoin is trading around $7300, even though just a few weeks ago the price was aggressively getting to around $10 000.
CoinDesk analysts note on the hourly chart figure technical analysis “Bear flag” indicating a high probability of further decline in prices. In addition, the price is much lower “heavy” moving average (MA) with a period of 200, which confirms the absolute dominance of sellers in the market.
#BTC bear flag breakdown confirmed, looks like we are heading towards $7K pic.twitter.com/8nguSpbZZV
— CoinDesk Markets (@CoinDeskMarkets) 24 may 2018 R.
According to them, soon bitcoin can go back up to $7000 where it traded in early April.
Not encouraging, and the weekly chart, which shows that the price here will MA period 50, breaking the strong support level formed at the end of March — beginning of April.
Weekly chart shows #BTC is trading below the 50-week MA is the average acted as strong support in late March/early April (marked by circle).
We could be in for a serious sell-off if the current weekly candle closes below the 50-week MA. pic.twitter.com/C4SyiYhLDN
— CoinDesk Markets (@CoinDeskMarkets) 24 may 2018 R.
The fall continues and most liquid altcoins. The total capitalization of crypto-currencies currently stands at $321 billion.
Data: CoinMarketCap
According to the analyst CoinDesk Omkara of Godbole to breaking the bearish trend of bitcoin should be to begin to return to values above $8111, breaking the 10-day MA on the daily chart. After this daily candle need to close above $8 644 (a maximum of 21 may).
We will remind, on Monday in the journal ForkLog out an analysis of bitcoin prices.
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