Analysts predict that the next few days we can expect to see the Bitcoin price dropping by another 30 percent despite the last week’s price movement between the $7,000 and $8,000 range. In the coming altcoin news, we take a closer look at the price analysis.
The analysts believe that the number one cryptocurrency touched an important historic indicator which can be seen on the 3-day charts showing that the price will drop by 30 percent in the next few days.
The world’s largest cryptocurrency-Bitcoin continued to trade in the range of $7,000 and $8,000 for more than two days. Currently, it appears that the bulls cannot break the $8K resistance level. The cryptocurrency, however, managed to sustain support at around $7,500 which could potentially be a good sign.
A popular bitcoin trader took it to Twitter to explain that the cryptocurrency reached the most important technical indicator. According to Crypto Thies, Bitcoin reached the 92-95 RSI on the three-day chart. He outlined that every time that bitcoin reaches this indicator, the price dumps more than 30 percent over the next few days, weeks or months. If the bitcoin price loses another 30 percent of its value currently, this could bring the major cryptocurrency to the $5,400 level.
What is also very interesting is that another trader warned about the same thing. According to him, a dip below the $5,400 price level will be considered a major bear signal. The analysts predict that if that happens, we will go through the same pattern as a year ago until the winter comes.
However, as previously explained in some of the best cryptocurrency news sites, the technical indicators are not giving out the precise movement of the price. This is mainly true for a volatile market as the cryptocurrency one. On another note, Bitcoin has managed to keep the strong support level of $7,500 and if it manages to hold its ground and does not drop another 30 percent, this could be considered as a strong bullish signal. In any case, it will be very interesting to see whether the historical pattern will be maintained again after touching the 92-95 RSI.
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Brokerage Giant TP ICAP Opens Its Doors To Bitcoin Trading
“We want to be close to what’s happening within this nascent asset class because we believe it’s important to invest in the early stages of a growing market.”The brokerage giant TP ICAP hopes that the new bitcoin trading option will attract the new clients’ money and will diversify its offering. The company which operates as an intermediary to financial, commodity and energy markets has seen a slight slump in revenue since the 2008 meltdown. Brokerage companies like ICAP mainly make trades for its banking partners but the volumes show that the company was forced to issue a profit warning in 2018. The initiative will be conducted from London by Duncan Trenholme and Simon Forster who have plans to expand in the United States and in Asia. The ICAP services will provide derivatives trading but they won’t turn their eyes from the option to hold digital assets directly in the future. Forster admitted that the number one cryptocurrency poses a threat to traditional assets so the finance executives can’t really afford to stand on the sidelines:
“TP ICAP also understands that this technology could disrupt or impact other asset classes where we currently operate, so we feel it’s important to be informed.”The traditional finance firms are slowly getting into crypto as well. At the start of the year, Fidelity launched bitcoin custody services for their clients. The multi-million asset management company will also facilitate bitcoin trading in the upcoming months. Also as noted in some of the best cryptocurrency news sites, the Intercontinental Exchange (ICE), which is the parent company of the New York Stock Exchange is preparing to launch Bakkt which is a physically-settled bitcoin futures and custody offering. In the meantime, Nasdaq will launch its own platform for bitcoin derivatives in 2019.
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“$BTC – found resistance right at the lower cloud and has opened the weekly candle inside the cloud. This represents the highest time frame that #bitcoin has breached into the cloud…with resistance at just above $10K…”An analyst named Chonis Trading then took to Twitter with the following statement: https://twitter.com/BigChonis/status/1140410183665049603 He also added:
“One more step up the mountain as #bitcoin hits right at the 38.2% fib resistance making it the next target for the bulls to close over and also makes maintaining the 23.6 fib support that much more important for overall continuation…”As Bitcoin ignores correction calls, many believe that the $10,000 mark could be achieved very soon.
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