fbpx

Bitcoin – from chaos to whirlpool

Professional Cryptocurrency research and forecasting

This morning is another calm beginning of the day for the crypto-loudspeakers, with good market conditions in contrast to the world of stocks and forex. And the year went pretty fast for the crypto market, with bulls and bears fighting for dominance after the record high levels of late 2017.

Those who have been lucky enough to enter the Crippet market early enough, already considered whales, may wonder what happened to this market, especially Bitcoin. Volatility diminished, as if falling from rock, as the year progressed. And the sharp jump this month only reminded investors that there is still some life in digital currency No. 1.

One year, however, can be seen as a particularly long period when it comes to such a young market as the cryptos. But for investors and especially traders who move between mature asset classes, such as currencies, commodities and even stocks, surely the environment of the Crippto market can be confusing. Especially when we look at the volatility that is currently observed in many asset classes that were avoided earlier in the year and at the end of last year.

Traders looking for volatility through intraday trading are certainly not the kind of investors that the wider Crippe market needs for growth in market capitalization.

Regardless of whether the volatility returns, it is yet to be seen. Some traders are likely to return to good old and well-known asset classes, finding some inertia, as geopolitical risk is over the global financial markets.

The regulations are ahead. No more money laundering.

At the same time, Binance, the world’s largest cipher market, is making efforts to mark money-laundering activities that include digital assets.

Despite the fact that many cryptoLooks such as Ethereum, Bitcoin, Ripple and others are less private than thought, governments and regulators around the world continue to suspect that they are being used by criminals as convenient money laundering channels.

In order to improve the image of the industry and to overcome the problem, Binance has begun a collaboration with Chainalysis, a Blockchain analytical service provider tracking and evaluating suspicious addresses and transactions. Their joint efforts will definitely contribute to the legitimacy of the Crippto sector.

Bitcoin Technical Analysis

Bitcoin shot up over $ 6,400 last week and traded around $ 6,614 at the time of writing. But after the rally on October 15, the largest digital asset at market value was re-traded for more than a week without giving any signals of an upcoming breakthrough.

From a technical point of view, BTC / USD tested and retreated from the important Fibonacci level at $ 6,750 (a 23.6% drop in correction from 10,002 to 5,751.4). If this zone is clearly broken, we can see the recovery to the next bull target at $ 6,800 – 6,833, where the peak is in mid-September.

However, in order to reverse the long-term bearish trend in bullish, it will be necessary to make a convincing breakthrough over the psychological level of $ 7,000 and EMA 200, localized around $ 7,200.

 

Author: Silvia Velcheva
* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptographic data in the digital assets market or other financial instruments. The predicted predictions meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for marginal or crypto-lingual contracts poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

Leave a Reply

Your email address will not be published. Required fields are marked *

Top