The flagship cryptocurrency market Bitcoin by Thursday, February 7, continues to decline and is trading at $3445,90, according to a leading analyst RoboForex Dmitry Gurkovsky.
Judging by dynamics of quotations 4-hour chart of Bitcoin, the market continues a decline after a small lateral correction and break local minimum. In the short term, breakdown of local support $3336,50 will allow to decrease in the projection corridor near $3246,00.
It is not necessary to have a closer look at the convergence on MACD, since it can now warn of a coming pullback. A breakout of the current resistance line at $3440,00 will signal the beginning of the correction, and it could be to the level of $3678,00.
On the 1 hour timeframe, we see local “sideways” and the Stochastic being in the oversold territory, signaling about possible short-term pullback to the $3411,20. After that we can expect another impulse reduction.
The flow of fundamental news for Bitcoin is not very positive. So, the market “without enthusiasm” refers to information that the Trustee of the Mt. Gox Nobuaki Kobayashimay have sold a serious amount of Bitcoin through the Japanese exchange BitPoint that could adversely affect the market.
The details of this are immediately apparent, as soon as Tokyo began the trial about the bankruptcy. The Kobayashi claimed to have sold the cryptocurrency only after appropriate consultations and thus not to create market stress.
We are talking about selling assets cryptocurrency (mostly Bitcoin) total volume of $312 million Partially with this transaction and attributed the sharp fluctuations in BTC at the beginning of 2018.
According to the head of the research division Bitwise Matt Hogan, over the past few years in the cryptocurrency market has formed a bubble, which burst in late 2018. He was sure that if not for the impressive financial results in 2017, a lot of developers just don’t pay attention to the segment of digital money.
Hogan believes that 95% of the currently existing cryptocurrencies are useless, and they will soon die. However, the remaining will be very worthy.
Bitwise is a company that has applied for the launch of a Bitcoin ETF. That is why this view is so interesting, though very controversial. The Commission on securities and exchange Commission (SEC) there is still no clear answer to these queries.
The same Hogan now convinced that institutional investors will come to the sector of digital money – it’s a matter of time. But it is obvious that without the permission of the controller of such a desperate and prepared to risk people are one.
Forecasts financial markets are private opinion of their authors. The current analysis is not a guide to trade. RoboForex is not responsible for the results that can occur when using trade recommendations submitted reviews.