Bitcoin: Tide Might Have Turned

Bitcoin stabilized, went up, went down and now is going up again. The rail has bot wild and the opinions on the outlook ter the market have bot shifting. Wij hold a sustained course and strive to filterzakje out all the noise to give you the most relevant information. An there&rsquo,s uncommonly a more significant time than now for that. The tide might have turned and wij&rsquo,re on the lookout for a confirmation of the trigger. Such a confirmation could increase the profits on our hypothetical position.

The South Korean government moved to raid the thickest cryptocurrency exchange te the country. On Reuters, wij read:

South Korean prosecutors raided the country&rsquo,s thickest cryptocurrency exchange, Upbit, on Thursday and Friday on suspicion of fraud, Yonhap news agency reported.

The agency did not give details. Neither Upbit strafgevangenis the financial investigation team of the Seoul Southern District public prosecutors&rsquo, office wasgoed instantaneously available for comment.

Upbit sent a note to its clients that it is co-operating with the prosecutors and that it can ensure that all its clients&rsquo, assets are secure.

Four executives from two other South Korean cryptocurrency exchanges were detained ter April ter connection with the alleged embezzlement of billions of won.

It is significant not to fright at this ogenblik. The government is not out there to get your bitcoins. The act of South Korean prosecutors is most likely an extension of their usual activities. The only special thing about the entire situation is that it involves Bitcoin. For the government, it doesn&rsquo,t indeed matter if potential fraud is committed with checks, credit cards or Bitcoin. Sorry if this doesn&rsquo,t fairly sound spil titillating spil a conspiracy theory involving malicious activities on the part of the South Korean authorities. But wij would rather give you a story which is true than one which is arousing but false.

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The one thing to keep te mind spil a Bitcoin trader is to always conduct your own due diligence before committing funds to any particular exchange. Review the lícito standing of the exchange, check the opinions of its users and so forward. However, even if a specific exchange doesn&rsquo,t do anything inherently illegal, it is still possible that the regulator doesn&rsquo,t have a total seize of the concept of cryptocurrencies and might overreact to Bitcoin exchanges. It might be wise to diversify inbetween Bitcoin exchanges te order to not have all your funds locked into one specific podium.

Bitcoin at Short-term Resistance

On BitStamp, from the short-term perspective, the latest rally and the subsequent stir down have given us the chance to apply Fibonacci retracements to the latest circunscrito top, which wasgoed not indeed possible earlier. This analysis shows that something significant might be going on ter the market.

Bitcoin went down from the latest almacén top and right to the 38.2% retracement. This might be significant for the next duo of days. At the uur of writing thesis words, the currency is fluctuating around this level. If wij see a confirmed budge below this level, the budge down might accelerate.

It is possible that wij could see a budge up from here, but the stir might be limited by the level of the latest regional top around $Ten,000. On the other arm, the budge down might bring Bitcoin down to around $6,000-6,500. It increasingly looks like the latest consolidation might be overheen and the stir down might resume from here.

Looking for Bearish Trigger

On the long-term Bitfinex chart, wij see that the budge down of the last duo of days has brought Bitcoin to yet another Fibonacci retracement level. This time, wij have the 78.6% level based on the stir from around $Five,500 to around $20,000 te mind. Wij have mentioned a duo of times te the past that this level is not a particularly strong one spil far spil the bullish implications are worried. The situation now is slightly different.

The 78.6% level might not be spil significant spil other levels but the fact that wij are now back at this level and that the latest appreciation has bot denied might be taken spil a mildly bearish indication. If wij see a confirmed breakdown below this level, the implications might become slightly more significant.

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Another bearish indication comes from the fact that the latest moves to the downside seem to have transpired on higher volume than the latest moves up. This might suggest that the momentum is now shifting to the downside spil far spil short-term act is worried.

From the long-term perspective, wij are observing that the latest rally might have bot simply a correction within a larger decline. Spil no significant bullish indications have emerged and wij have some bearish hint and the genérico trend to the downside, the situation remains bearish. If wij see a bearish trigger, like a confirmed stir below the 78.6% level, wij might have an acceleration of the decline on our forearms. Actually, if you consider the rising resistance line based on the February and March regional lows, wij might have seen a confirmed budge down, a confirmed slowdown te the rally and a potential bearish trigger. Whether the decline accelerates instantly or wij have to see more bearish confirmations, the current outlook remains bearish and the profits on our hypothetical positions might increase. Wij are looking for this trigger for you.

Summing up, the tide might have turned and wij might have more declines on our forearms.

3 thoughts on “Bitcoin: Tide Might Have Turned

  1. Regardless of some of the punt on fiat conversion et cetra, Binance has brought unprecedented liquidity to cryptocurrency te genérico and the ease and plainness employed ter achieving this is something worthy of emulation from fresh exchanges!

  2. I could loom ter to Binance yesterday, when it wasgoed ‘down’ for maintenance. All it said wasgoed that trading wasgoed not available. But now, I can’t even get the pagina to blast. Could it be that too many people are attempting to loom on at merienda? I hope that’s the reason, and nothing more sinister than that!

  3. Thank maker its back. never knew that one of the top Trio exchange would be inaccessable. its zuigeling of wierd that it happens. is china involved ter this?

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