Today, on May 23rd, the Bitcoin rate fell another 3%. Reducing the value of the asset may indicate a change in sentiment in the market, as well as an early change in trend. However, while digital gold has not broken through the support line or the resistance line – this is not the time to talk about a sharp fall or rise, but only about a correction.
Correction of the Bitcoin rate
According to analytics, Bitcoin (BTC) at the time of this writing has decreased to $7,647.58 per coin, which indicates a 3.62% decrease. The coefficient of dominance of the first cryptocurrency still does not fall below 57%, which indicates the high significance of the coin for the crypto-space.
At the same time, the market capitalization of the coin, totaling on May 23rd, amounted to $135.4 million, which is equivalent to 17,717,087 BTC. Hourly average tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details volume is equal to 25.2 million US dollars.
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In addition, the Pivot points (course volatilityVolatility
– is a financial term that means a statistical indicator of price change. In the cryptocurrency world, it is used by traders as an indicator for managing financial risks. That is, it is a measure of trade risk and as a financial analytical tool for gambling. Details framework) for R1, R2, R3 periods show an active decrease in the resistance line (the course points that the asset must cross for further growth) to 7.658.0; 7,685.4; 7.738.6, respectively. Speaking about the support line (the border at the intersection of which the coin will fall), then in periods S1, S2, S3 also dropped to 7.496.8; 7.524.2; 7.577.4, respectively.
It is worth noting that the indicators of the MA (EMA) moving average for a 20-day period indicate 7,756.7 (simple, MA) and 7.734.8 (exponential, EMA). This indicates an increase in the probability of a short-term trend reversal from bullish to bearish and gives signals for the sale of the asset.
Also, if we look at the course change schedule for the period from May 13 to today, we can see signs of the "Double bottom" figure, which indicates a trend change and a decline. If Bitcoin breaks through the bottom line of support, that is, to go below 7, 496, the trend is confirmed, and the course will start to fall.
Available about complicated: Bitcoin is in an ambiguous state. If in the next few days the rate rises above $ 7,738 – Bitcoin will grow further, if the rate falls below 7, 496 – you can expect a further fall.
Correction of the value of Bitcoin and whether the rate will fall. Recall that yesterday Bitcoin SV cryptocurrency grew by more than 75%, after its creator was recognized that he is Satoshi.
Editor: Jerg Wos