Bitcoin Today: deep correction, no growth till 2019

5 окт. 2018 г.

Price
Market stays in indecisive pattern while forecasters take turns abandoning their predictions of new heights till the end of the year. From a narrower point of view, yesterday the price pushed off from the Bullish Trend Line, the lower bound of the Rising Wedge formation. It is assumed that the Rising Wedge formation underlies a bearish bias so those who identified this pattern will wait for the downwards rally. For now, price holds on the 6600 level, at the middle of indecisive channel 6000 – 7000. Recall, that to consider any bullish developments we need to see the price above 7000. From the downside we have Bullish Trend Line, a breakthrough of which will send a price downwards, as Rising Wedge formation suggests.

Today forecast
Today most probable trading diapason: 6450 - 6800.

Latest news

• Mike Novogratz refuses his prediction on Bitcoin reaching $40000
  Investor Mike Novogratz, who previously predicted Bitcoin at $40,000 before the end of the year, radically revised his forecast during his speech at the Economist Finance Disrupted event.
  "I don't think it breaks $9,000 this year,"
  Novogratz, whose cryptocurrency-focused merchant bank Galaxy Digital went public on a Canadian stock exchange in August, called a bottom for bitcoin prices in September.
  The former trader Goldman Sachs also noted that significant pressure on the price is exerted by industry participants who seek short-term profits, as well as cryptocurrency companies that need to cover running costs.
  Note that in September, Mike Novogratz said that Bitcoin is ready for explosive growth, the driver of which will be the growing demand from institutional investors. It is worth saying, that regarding the current situation with SEC denying and postponing bitcoin ETF applications, it is no wonder that many have doubts about the end of the year dynamics.