Bitcoin (BTC) has been consolidating in recent weeks and months, and has failed to gain momentum in any direction, as it fell below $ 10,000.
However, this consolidation period could end soon, as a technical indicator clarifies that a large-scale movement may be imminent, and an analyst believes that the future volatility of BTC on Facebook may play a role in.
Bitcoin Bulls and Beers consolidate as Riemann's deadlock
At the time of writing, bitcoin is trading marginally below its current price of $ 8,250, and its buyers have not been able to increase at that time since the visit of $ 7,900 last week.
Bitcoin has been caught in a relatively narrow trading range between $ 7,800 and $ 8,800, with significant support for the previous price and strong resistance to the latest price.
It is important to note that this period of Bitcoin trading came after a sharp drop from its previous Bitcoin support level at $10,000, and although the medium-term trend remains bearish. The remarkable support set at $ 7,800 is a long time. You can dial Lower term for cryptocurrency.
In a recent Bloomberg report, he noted that the Bitcoin commercial wrap indicator is currently the narrowest since mid-September. Which means that another large-scale movement for the cryptocurrency may be imminent.
"The indicator softens the moving average to cross the upper and lower limits and a similar narrowing last month led to a drop of more than 12% for Bitcoin on September 24," the report said.
The balance of Facebook can contribute to the instability of BTC
Detailed in the same report, Matt Maley, a stock strategist at Miller Tabak + Company, explained to Bloomberg that. He believed that Facebook's Fortune Libra is currently contributing to the BTC price action. And that cryptography is only in it Can resume the standard. The people of the Libra zodiac die because of market cycles.
"As it becomes increasingly obvious that Libra is not downloading the object. It will be a long time before Facebook does something, as that becomes more evident, instability will recover again … With what is happening with Libra and Facebook, the issue is definitely in the headlines and will not disappear. "
While it is not clear if Libra really has a significant impact on the price of Bitcoin. Its destination is increasingly clear. It can allow bitcoin to regain control of the news cycle.
[…] resistance level that indicates an extended bearish action. The story was similar in other major cryptocurrencies. Ethereum, the second largest cryptocurrency by market capitalization, fell 7 percent, while the […]
ReplyDelete