Price
Quiet weekends along the 5500 level and quick dive to the 5200 at the Monday opening. 5200 level shows supportive power again, and, for now, stops the falling, but the turnaround pattern is delayed now. The best scenario for near days is come-back above 5500 and further lateral movement. The longer the price will stay in the 5200-5500 zone, the more the probability of further break-downs. Current market picture – downtrend, only strong upward movements with fundamental support could change the it. A breakthrough of the 5200 will lead the price to the next support level at 4800.
Today forecast
Trading Bounds: 5200 – 5500. Breakthrough below 5200 will lead the price to the 4800 support.
Latest opinions
Quiet weekends along the 5500 level and quick dive to the 5200 at the Monday opening. 5200 level shows supportive power again, and, for now, stops the falling, but the turnaround pattern is delayed now. The best scenario for near days is come-back above 5500 and further lateral movement. The longer the price will stay in the 5200-5500 zone, the more the probability of further break-downs. Current market picture – downtrend, only strong upward movements with fundamental support could change the it. A breakthrough of the 5200 will lead the price to the next support level at 4800.
Today forecast
Trading Bounds: 5200 – 5500. Breakthrough below 5200 will lead the price to the 4800 support.
Latest opinions
- Bloomberg: Bitcoin price may continue to fall to $ 1,500
Bloomberg Intelligence believes that the cryptocurrency market may continue its downward trend, and the fall could reach $ 1,500.
“Analysts suggest Bitcoin could gravitate toward $1,500 level” - @crypto (Bloomberg Crypto)
McGlone, Bloomberg Intelligence analyst, stressed that the Bitcoin Cash pump, which preceded the hard forks, destabilized the market situation and was one of the reasons for the collapse last week. The slump “was sparked by the pump for the Bitcoin Cash hard fork," said McGlone. "That pump that began a few weeks ago, got the market a bit too offsides with speculative longs playing for the good-old days. But this is an enduring bear market."
Negative reports from Nvidia did not go unnoticed either. “The drop in the stock price of Nvidia is reflective of a future where cryptocurrency fueled demand has cratered,” said Peter Mallouk, president and co-chief investment officer of Creative Planning, in an email. “While this is, of course, bad news for Nvidia, it is really the canary in the coal mine for Bitcoin and other cryptocurrencies.”
