Crypto News

Bitcoin may be ready to reverse

Today cryptocurrency trading almost all in the green zone. In the last 24 hours of Bitcoin has increased by 12 percent and goes up fast, already breaking level 5 757 dollars. To $ 127 estimated Ethereum, has risen by 13 percent. Other oldoini top 100 more expensive on average by 10-20 percent.

The stock market is still in free fall. Bitcoin is growing without a deep correlation and proves that it is not correlated with the stock market.

At a time when bitcoin is rising against the US dollar, most Fiat currencies in the world will lose some value. The British pound to the dollar hovering around 1,1555, the lowest level since 1980. GBP/USD fell nearly 8 percent this week.

On Thursday, the value of the Australian dollar fell to 20-year low and is estimated at 55 US cents, continuing the decline.

Fear of recession in the global economy, investors sell their assets and withdraw money in dollars, not trusting even the conventional stores, as the Japanese yen and the Swiss franc.

Over the past six trading days, the USD strengthened against major world currencies.

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Graph the price movement of BTC/USD for the week. Source: CoinMarketCap

Against a background of major changes in financial and economic space of the technical analysis presented by the analysts CoinDesk signals oversold Bitcoin and about the depletion of bears, and also gives early signal of a possible trend reversal Bitcoin and strengthening of the impulse buyers after overcoming the level of prices 5 926 dollars. A break above this level may attract more buyers and will allow you to test the December price level 6 $ 425.

Source:

cryptofound.com

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