Bitcoin has recovered slightly from recent lows and is now trading at a price level in 4 482 US dollars. Although the overall trend remains strongly bearish, the largest digital coin has entered a period of consolidation. At this stage, a sustainable recovery seems unlikely, as market sentiments are spoiled by a lot of negative news, including the decision to postpone the launch of the Bakkt platform until 2019.
Craig Erlam, senior analyst at Oanda, commented on the situation in the cryptocurrency market:
It's always hard to say where the market can stabilize again in such a wild market, but $ 3,000 looks like a rather interesting level. At the same time last year, it seemed that Bitcoin and all Altcoins could soar to the skies, but this year the land under their feet in the cryptocurrency market looks very unstable.
At this stage, BTC / USD is trading in a range limited by critical levels – $ 4,000 and $ 4,800 (SMA50). Bitcoin bulls are likely to defend a level of $ 4,000, however, if they lose to bears, the next critical level will be SMA200 – $ 3,143.
A steady recovery above $ 4,800 and $ 5,000 will increase bearish pressure and provide further growth to $ 5,500–5,580 (lower limit of the previous hard range and SMA200, 1 hour) and, quite possibly, to $ 6,000.
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