Last week Bitcoin noticeably lost and the price of the main cryptocurrency returned to the borders of the descending channel. If you look closely at the events and the movement of Bitcoin's price, there will be a feeling that we have already seen this and there are reasons for this. The bad news that media outlets posted last week are generally similar to the news that we saw in late January and early February And Bitcoin's price is declining at a similar pace as before.
If we look at the price chart, then we will see a similar dynamics, where Bitcoin from the beginning of last week fell from 11,600.00 to the level of 8,500.00 which is currently being tested at a price.
This is very similar to the events in early February, when high trading volumes were accumulated at this level (8,500.00), after which it was punctured and we saw a strong impulse move down to the level of 6,000.00. This fall was caused by the comments of the authorities of the states on their policy regarding crypto-currencies and the problems of the main players in the sphere of crypto-currency. All ended with the day of the meeting in the US Senate, which broke the downward trend and Bitcoin's price rose to the old levels around 11,600.00 - 12,000.00.
Now we see that history repeats, since the beginning of the week, Bitcoin's price has dropped to 8,500.00, where it met buyer support and it trades in the range of 8,500.00 - 9,500.00. Such a market picture suggests that there is a possibility of a further decline in the near future, and until March 19-20 we will see Bitcoin at a price of 6,000.00 - 6,500.00. This will coincide with the beginning of the meeting of finance ministers and central bank governors of the G20 countries on crypto-currencies and it will be possible to consider buy's for the long strategy.
If we look at the price chart, then we will see a similar dynamics, where Bitcoin from the beginning of last week fell from 11,600.00 to the level of 8,500.00 which is currently being tested at a price.
This is very similar to the events in early February, when high trading volumes were accumulated at this level (8,500.00), after which it was punctured and we saw a strong impulse move down to the level of 6,000.00. This fall was caused by the comments of the authorities of the states on their policy regarding crypto-currencies and the problems of the main players in the sphere of crypto-currency. All ended with the day of the meeting in the US Senate, which broke the downward trend and Bitcoin's price rose to the old levels around 11,600.00 - 12,000.00.
Now we see that history repeats, since the beginning of the week, Bitcoin's price has dropped to 8,500.00, where it met buyer support and it trades in the range of 8,500.00 - 9,500.00. Such a market picture suggests that there is a possibility of a further decline in the near future, and until March 19-20 we will see Bitcoin at a price of 6,000.00 - 6,500.00. This will coincide with the beginning of the meeting of finance ministers and central bank governors of the G20 countries on crypto-currencies and it will be possible to consider buy's for the long strategy.
Сделка активна:
The coins of the project CREDITS ("CS") were also under pressure from the sellers and fell last week. By the end of the week, trades were held at prices in the region of 0.0006 - 0.0008 CS / ETH. But when the overall market decline stopped CS coins returned to their lost positions and are currently trading at about 0.0009 CS / ETH, it can be regarded as an increased demand for coins from long-term investors and predict further price growth after the overall market situation will become positive.
Сделка активна:
It seems bitcoin is going to grow, but you have to be careful, the next level of resistance where the price may stop at 10 000,00.