Traders using technical analysis of market conditions, finding more indicators indicating that the price of bitcoin may fall even more.
They indicate that the 50 day moving average bitcoin price approaching the 200-day moving average on the minimum distance for the previous 9 months. The intersection of these two schedules received from traders called “death cross”. It means a further fall in prices. Another indicator — moving average speed — has already become bearish.
“Over the past couple of months after the activity bubble in the end of 2017 was the final shift”, — says Paul day (Paul Day), technical analyst at Securities Market Dubai Ltd.
He came to the conclusion that the first cryptocurrency waiting for the price to fall by 76% in comparison with level of the end of February to $2800, if repeated downward trend of quotations of bitcoin 2013.
When the 50-day moving average price fluctuated below longer the first 10 months of 2015, quotes of bitcoin fell by 2.5%. After overcoming the resistance level of the price of the cryptocurrency rose to end the year at 43%. From that time it remained above that line and at the end of each year showed growth.
“To trade bitcoin and cryptocurrency is now used in the element chart and technical analysis, given that now the market of professional organization,” said Dyer Ferguson (Ferguson Daire) from the Irish company AvaTrade Ltd.
Earlier, technical analysts pointed to the fact that the price of bitcoin “gone” below the uptrend line and decided that the next step for cryptocurrencies to be “dramatic”. And experts Goldman Sachs predicted that bitcoin price can go below $6000.