Analysis of the Bitcoin price - March 9, 2018
Bitcoin price is a formation with a double peak, indicating that the market is not ready to overcome the levels of about 12,000. dollar. At the same time, the fall of the past few days has lowered the price for a Bitcoin under the band's "neckline". This is a signal that there may be an additional drop of about $ 2,000, as is the range of the double-tipped figure.
However, some of the technical indicators show that we have entered the over-sales area and that vendors are beginning to lose momentum.
It is important to note that what triggered the sharp decline was several news and rumors that came out simultaneously and created panic among the crypto-community:
- The information that Binance had been compromised, and subsequently proved that the funds of the Exchange customers were protected and were not stolen;
- The Securities and Exchange Commission of the United States has announced that the exchange for trading with Cryptocurrencies should be licensed to them.
- In addition, Nobuaki Kobayashi, responsible for the payment of the creditors of the failed MtGox, which stole about 850,000. Bitcoin in 2014, announced that since September has sold Bitcoin and Bitcoin Cash worth about 400m. dollar to pay back to those affected by the theft. Kobayashi said he still had nearly 2 billion. in the Bitcoin, which he also plans to sell.
The analysis is for informational purposes only and does not constitute advice, recommendation or offer to buy or sell Bitcoin, any other cryptocurrencies or financial instrument. SuggeElson is not responsible for any losses after the use of the current analysis. Invest wisely and only amounts that you can afford to lose.
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