Bitcoin (BTC) Exchange Rate Breakdown

Rate bitcoin now: $7,399

Analysis

The bitcoin rate was consolidated within a symmetrical triangle on the daily chart. At the moment, BTC is testing the strength of the support line for this interval. This may be the last line of defense for bulls, as its breakthrough may signal the start of a long sellout.

Nevertheless, if the closure is higher than the high of the previous day, bitcoin will have a chance to rebound to levels of $8750-$9000.

A simple moving average (SMA) for 100 days is below that for 200 days. This means that the descent will continue with greater probability than stop. In addition, the gap between the sliding continues to grow, which indicates a strong pressure from the bears.

Meanwhile, the relative strength index (RSI), like the stochastic, is in oversold territory, signaling the depletion of bears. Based on these data, it can be assumed that the recession will soon be completed and allow the bulls to win back their positions.

News background

Bitcoin is still vulnerable in the context of the information field. The world continues to monitor the development of the US-PRC and US-DPRK negotiations. Political tension has a negative impact on the dollar, so that bitcoin is possible and will be able to recoup a little against the background of the USD, especially given that in conditions of political tension people are looking for a safe way to save their money.

Another factor pushing the BTC back is the sale of Mt. Gox in order to make payments to creditors. The exchange owned thousands of bitcoins, and therefore it is not surprising that the liquidation of such a large volume of BTC exerts its influence on the market.

Summing up, I want to say that there are smart guys with big swaps sitting on Wall Street and doing the same thing in all markets, including the bitcoin market. Potentially, the bitcoin rate may fall even lower.