Bitcoin has broken below the support area of $3,917.20 – $4,000.00 recently, which can be called a Crush of Bitcoin for a certain period. The move to break below the support area was quite impulsive in nature, which is expected to create more room for the price to move even lower in the coming days. Due to confusion and uncertainty over what China will do to Bitcoin exchanges and what decision they are taking on the issue of the Bitcoin permanent ban on the economy has put the cryptocurrency under pressure. Though there is no official announcement about the ban from the regulators yet, but amid confused market sentiment, the demand is currently not as it should be in the current market situation. Currently, the price is expected to retest the support area as new resistance before showing some more impulsive bearish pressure towards the Kumo Cloud. The Kumo Cloud is expected to hold the price as a support and create some corrective situation in the market before it reaches the support area of $2,617.60 – $2,867.30. The Chikou Span has broken below the candle support, which confirms the upcoming bearish move providing more confidence to bears to take the price much lower.
With InstaForex you can earn on cryptocurrency’s movements right now. Just open a trade in your MetaTrader 4.
The material has been provided by InstaForex Company – www.instaforex.com