Yours truly like many others stayed up late (2 am Central African Time (CAT) to be exact) to watch the price of the cryptocurrencies. For one brief moment over the last few days, the price of bitcoin looked like it just might rise. This was not to be. Looking at the daily chart, one would have seen a bit of a bullish move. But come yesterday, a bearish engulfing pattern emerged. This has continued today with the price of Bitcoin below $7000.
As usual, crypto-pundits are touting what Bitcoins’ price will be come later this year. Some have said that the price will fall to $4000 before any climb. Others have said hodl your coins and watch it rise to $25000 later this year. I have said it then and will say it again, no one knows. In a blog piece I wrote earlier this week, I gave a figure of $6881 as the support level. That support level has been broken. And as I pen this, the price is currently $6774.1 (on the Bitfinex Exchange). Does this mean there is more pain to come for some or is this the end of the bearish run? From all indications, especially when I look at the Ichimoku Cloud charts, things are bearish. Other indicators such as the moving averages all indicate sell. The oscillators on the other hand are in the most cases neutral.
No matter how bad a market looks, someone is making money in this volatility and uncertainty; that person might as well be you. So where will the price be later today? Your guess is as good as mine.
Swap your cryptos here:
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