Analysis of bitcoin prices: the risk of recurrence in the fall of 2018

The general trend in the bitcoin market has been declining over the last 6 weeks. The price is now on the verge of falling under significant support, which could lead to a big drop in 2018.

As the market shrinks, the price of bitcoin has just fallen below a short-term uptrend, according to Quin Desk. This downward movement may continue to be accompanied by the fall of bitcoin to the level of $ 30,000, which is the bottom of the range of price fluctuations over the past year.

Bitcoin has failed to maintain support at $ 40,000 in recent months and is now up 47 percent at a record high of $ 69,000. The strength of the long-term uptrend has been reduced, so it can be said that the uptrend this year is likely to be limited and weak.

In the one-week view of the bitcoin market, there is a risk that the price will fall below the usual 100-week moving average ($ 36,247). Closing the weekly candle below this moving average for the second time could drop the price to $ 30,000 and then $ 17,823. Such a move would mean a nearly 80% drop in prices from the recent historic peak, which would be equivalent to a drop in the market in 2018.

Analysis of bitcoin prices: the risk of recurrence in the fall of 2018
Bitcoin price chart; Bitcoin / dollar 1 week market review.

May has usually been a good time in the stock market and digital currencies in the past and this can encourage buyers to work close to the lowest price; At the moment, however, traders do not believe much in reversing the recent downtrend.

The publication Analysis of the price of bitcoin: The risk of recurrence in the fall of 2018 appeared for the first time in digital currency.

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