Bitcoin

this is why 8.700-dollar in the bottom

As was bitcoin over $ 10,000 (8.850 eur), but, unfortunately, the party was over, before the lights were hung. The share price fell by close to a thousand of dollars in a single day, which is around 9.375, the $ 8.289 million). However, it is not just bitcoin that is falling. Throughout the world, does not work well with the stock exchanges, and this has an impact on bitcoin.

Market pull bitcoin down

Below, you can see that the share price of the largest Us stock market index (the S&P 500 in the red as compared with the price of bitcoin. The red line shows the futures market, the S&P 500 to see that, it means that the price of a 24-hour-per-day of which moves, with the exception of weekends. This line shows more information than the regular S&P 500, after business hours and then close.

It would seem that bitcoin is still a lot of moves with stock markets. On the right end of the chart, you will see that there is an end to the upward trend of the S&P 500. At the time, the S&P 500 will open at 15:00 hours, central european time, also makes bitcoin a whole bunch at the bottom.

Read more about it in this article.

Bitcoin is out of the channel, but a bottom may be near

Below, you can see that the price is expressed in united states dollars), every candle on the chart represents four hours. Below the price chart, you can see the Relative Strength Indicator (RSI), which allows to build on the momentum of the course.

In the past few weeks, we wrote a lot on the channel to which the bitcoin exchange rate fluctuations. This is where the price finally broke out, however, at the lower end.

However, the RSI shows that the bottom may be near. The RSI is an index between 0 and 100. At the lowest point of fact, this is the 26th, which is very low. A low value means that the share price in a very short period of time, hard is the fall. This could be a sign that the bottom has been found. The price has room to grow.

In the chart below, you can see that the RSI is twice been as low as it is on the vieruurs chart. Both times took bitcoin to support on-8.700 usd (7.691 million). In the short term, it seems that bitcoin will not go much further to drop.

Also, other types of support

Another area that has bitcoin support will be found. You are looking below at the chart. The red line is under the graph is the running average of the last five days. Or, in technical analysis, the language of the 50-day moving average.

At this time, the rate of support at the 50-day moving average. And that’s a positive in a bull market, this line is more likely to be a strong support.

We understand that when we zoom in on the graph. You are looking below at the chart of bitcoin, but in 2016 and through to the present day. The red line is the 50-day moving average, green line is the 200-day moving average.

In a rising market, were the two lines as a sort of safety net. In 2016, until the end of 2017, there has been a long bull market, and in all that time, he managed bitcoin is barely below the 50-day moving average is about to break. But above all, it is the 200-day moving average was a strong support. It continues to do this this time too? If so we are now at the beginning of the net, after such a long bull market.

What is the bitcoin exchange rate now?

All well and good, but what goes on in the course of the next few days? We will describe two scenarios: bullish (positive) and bearish (negative). We have zoomed in on the chart, each candle represents four hours.

Bullish
Preliminary find bitcoin support on a 9.250, the $ 8.180 million), with the orange zone on the chart. Will this remain so? Can bitcoin be an attempt to do it for $ 10,000 (8.850 eur), to break through the green line on the chart.

Bearish
However, if bitcoin is under the orange bar goes down, then it will be 8.700 usd (7.691 euro) to the following base. This is the red bar on the graph.

About the author

Jeremiah Faber

Jeremiah Faber

Jeremiah is an explorer by heart – both in the physical and the digital realm. A traveler, Jeremiah continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Jeremiah and through his business acumen has gained financial profits as well as fame in his business niche.

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