Cryptocurrency

05/04/19 10:30 UTC-4

The Bitcoin rate may fall due to “overbought”

The cost of the first cryptocurrency may decrease in the near future. Omkar Godbole (analyst at CoinDesk Markets) spoke about the specifics of Bitcoin price correction. 

BTC price may drop to 4500 US dollars. The course may soon demonstrate a correction against the background of large overbought and abnormal increase in tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details
volumes.

 

The reversal and overbought of Bitcoin

Omkar Godbole argues that the price of Bitcoin may roll back to $ 4600-4500, after a rapid rise on Tuesday. This is due to high rates of cryptocurrency overbought. At the moment, a two-week relative strength index (RSI) was – 89.11. This figure appeared for the first time since the winter of 2017.

Interesting in the section: Ethereum Classic, as a worthy member of the cryptocurrency market

Relative Strength Index (RSI) is a technical analysis tool for measuring the strength of a trend or pattern.

According to Omkar Godbole, the “Bearish Engulfing” became noticeable on the daily timeframe (April 3), when the last trading session closed with a candlestick with a large upper shadow. At the same time, the analyst claims that the bullish mood (the game of price increases) in the market will not disappear. The fall of Bitcoin to $ 4,500 will not affect the price reversal trend.

Interesting in the section: Cryptocurrency cranes or free crypto coins

The cost of Bitcoin may fall due to a total overbought. At the same time, if the value of digital gold falls below $ 4,200, then in the future the dynamics of development will take shape differently – bears will come to the market (players are on lower prices). Recall that CoinMarketCap reported an increase in trading volumes, April 4. 

Editor: Pereyidenko Ihor

See also: "Cryptocurrency Rally. Which digital coins rose in price on April 5th"

#bitcoin #analytics #cryptocurrencymarket #Bitcoincourse #cryptocurrency

Comments

Similar

07/05/19 06:00 UTC-4

Bitcoin rate is growing: BTC crossed the $6,000 barrier

On May 7, the first Bitcoin cryptocurrency increased by 4.29%. Now, the weighted average rate of digital gold is $5,929. At the same time, the "high" deals in today's trading session have already crossed the border of the psychological barrier of $6,000.

Cryptocurrency
Exchanges
Mining
ICO, ІРО, STO
Hypes, funds, fiat money
Other