These past days, the price of bitcoin has gone all the way down to about $7,300. At the moment, the price is floating around the $9,000 margin and trying to battle the struggling price of bitcoin. Just after rising, another cryptocurrency called altcoin also bounced back with BTC, this shows that other cryptocurrencies are yet still tied into bitcoin.
In the past four days, the price of bitcoin went up by relative 20 percent ever since leaving the $7,300 margin. It is currently hovering around the $9,000 margin. On the daily chart, a person can understand that the recent rise from the $7,300 margin consists of the fourth point of contract with the long-term ascending trend line created by the crashes down to the %6,00 margin. The crash to the $6,000 margin happened last month. In the weeks to come, cryptocurrency investors and traders for a fact keep a close eye on a committed move above or below the present symmetrical triangle in which BTC price action has recently channeled.
These days the optimistic momentum that the bitcoin price has been showing has been completely overshadowed by the disturbing news that the 50-day moving average of BTC will probably drop below its 200-day moving average. This is a bearish technical indicator commonly known as Death Cross. The last time a death cross was recorded was back in 2014, after bitcoin’s first run up to $1,000.
As mentioned above, the cryptocurrency markets still exist immensely tie into bitcoin. A good number of markets often come in contact with bounces whenever bitcoin does. Not long ago, Ethereum, a decentralized platform bounced back 25 percent at the end of a long-term descending trend-line and bouncing off a new low for 2018 worth $450. Ethereum’s crash down all the way to $450 consists of a full retrace of the gains made by ETH back in November of last year.
Ripple, a real-time gross settlement system, currency exchange also had the same increase with 25 percent. Ripple reached its all-time low this year after XRP’s bounce off a regional low of roughly $0.50 just a couple of days ago. Stellar, an open-source protocol for value exchange benefitted most from the bounces. It obtains up to 70 percent since making full retrace down to the $0.16 margin. The only cryptocurrency exchange company that did not set a new low this year, is Litecoin. The LTC bounced off support at the $140 margin.