Price
Correctional movement proceeds, yesterday growth did not manage to reach 6600 resistance, turned around on the 6550 mark and fell to the 6450. The volatility decreases, which talks about uncertainty in the market. Near-term boundaries are 6550 and 6450 levels, without any significant events today the price will probably proceed inside this channel. 6600 – 7000 zone is a major resistance, so to consider any long-term bullish developments we need to break above the 7000 point. From the downside: a fall below 6350 will cancel the latest turnaround pattern and send the price to test the main support zone 5750 – 6250.
Today forecast
Trading in the 6350 - 6600 zone. Breakthrough below 6350 – bearish sign.
Two opinions
Correctional movement proceeds, yesterday growth did not manage to reach 6600 resistance, turned around on the 6550 mark and fell to the 6450. The volatility decreases, which talks about uncertainty in the market. Near-term boundaries are 6550 and 6450 levels, without any significant events today the price will probably proceed inside this channel. 6600 – 7000 zone is a major resistance, so to consider any long-term bullish developments we need to break above the 7000 point. From the downside: a fall below 6350 will cancel the latest turnaround pattern and send the price to test the main support zone 5750 – 6250.
Today forecast
Trading in the 6350 - 6600 zone. Breakthrough below 6350 – bearish sign.
Two opinions
- Mike Novogratz (Digital Galaxy founder)
Novogratz thinks that bitcoin already found a bottom and now the cryptocurrency is poised for major growth.
"You're seeing now institutions moving in," the founder and CEO of Galaxy Digital told CNN international correspondent Paula Newton on CNNMoney's "Markets Now" on Wednesday.
Novogratz pointed out that exchanges and big companies are starting to take the cryptocurrency more seriously.
"Starbucks and Microsoft'll allow you to use bitcoin," he said. "As you see more adoption of just people being comfortable with it, it feels like it's going to go up."
Novogratz thinks the cryptocurrency hit bottom earlier this month. He predicts bitcoin will rally 30% by the end of the year. And in the first quarter of next year, "you'll really start seeing it move."
- Jani Ziedins (retired trader and writer of the Cracked.Market blog)
As digital currency owners tout the resilience of bitcoin’s support at $6,000, the analyst believes the tenuous psychological level could soon disintegrate, noting the evidence isn’t in the support, but the weakness of every subsequent rally.
“While we held $6k support firmly for nearly six months, every bounce has been getting lower,”
Market technicians tend to view assets as remaining in bearish, or neutral, trend if prices fail to post higher highs.
“First, we bounced to $17k. Then it was $12k. $10k came next. After that $8.5k. Earlier this month it was $7.5k and this weekend we stalled $6.8k. At this point, it is only a matter of time before we tumble under $6k support,” he said.
Bitcoin is down 53% year-to-date and 67% from its all-time high achieved last December.
