Author: Dmitry Gurkovsky, senior analyst at RoboForex
Over the past week in the world of cryptocurrencies has not been anything fundamentally new, and among the latest news it is worth noting information about the possibility of buying Bitcoin in the network of newsstands in Australia. We are talking about the launch sales of the cryptocurrency through the platform Lite Australia exchange Binance. The network consists of not less than 1 300 outlets. Soon going to add the ability of sales and other cryptocurrencies. Transaction fees will be 5% to make a purchase, the user must pass the verification procedure.
This is another step in the cryptocurrency market towards the consumer, which is not so easy to “drag” a real exchange, but it is easy to attract his attention in everyday life.
According to the head of Galaxy Digital Mike Novogratz (Mike Novogratz), Bitcoin will soon return to sustainable growth. This Novogratz mentioned, commenting on the survey Director of the exchange Binance Mr. Zhao (Zhao Changpeng). Previously, Zhao held a poll on Twitter, asking the opinion of the Internet community about further developments in the market of digital currencies. The survey and analysis of the responses revealed that 64% of respondents see the market bearish.
At the same time should pay attention that the interest of users to Aldona growing, and it can displace Bitcoin from the pedestal of market leader. Market share, owned by Bitcoin is now 50,9% vs. 51.0% in December. The shift of interest in favor of altcoins due to the rapid activity in the last months of digital currencies – Litecoin, Coin Binance and others.
Looking on the weekly timeframe Bitcoin, we can say that after a long decline, the market was in corrective narrow corridor, the upper boundary of which is around $4700. But, if you pay attention to the MACD, we can see that the line is directed downwards, and their movement is completely in line with the current trends that has not ended. The Stochastic entered the oversold zone, not stopping his pace. We can assume that a Gold cross on the Stochastic indicator can be a signal of the change in the dominant trends.
On the daily chart of Bitcoin you can see a detailed picture of the upside corrective corridor. The current rise of prices is a correction relative to the previous medium-term momentum declines. If we consider the potential target upward correction, then you can define them on a scale of Fibonacci: FIB 38.2 % ($4428) and 50.0% ($4835). The movement of the MACD indicator confirms the actual local dynamics. Support the current movement is the level of $3542.
On 4-hour chart Bitcoin quotes tend to the upper limit of the short corridor. The purpose of short-term growth is the $4122. Support local character located at $3888. When considering the dynamics of the Stochastic indicator may notice the formation of a divergence that indicates a probable pullback after reaching local objectives.
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.