Bitcoin takes a tumble on Binance news but seeing a bounce

0
39

The price of bitcoin

The price of bitcoin dropped around $1160 or -4.22% after the Binance news was announced. That took the price away from its now converging 100 and 200 hour moving averages at $27,797.54 and $27,854.65. Bearish. The low price reached 26,541 USD.

Bitcoin breaks lower but momentum fades a bit

The move to the downside also broke below swing lows of March 18 and March 22 near the $26,700 level.

That should have led to more downside momentum crypto currencies

Cryptocurrencies

Cryptocurrencies represent virtually counterfeit-proof digital currencies that are built on blockchain technology. These can be obtained using cryptography or virtual currencies. Cryptocurrencies constitute decentralized networks, utilizing blockchain technology, which are decisively controlled by a central authority. This makes cryptocurrencies unique in their function, placing them effectively outside the sphere of influence of any government or central bank. Such digital currency originates from encryption.

Cryptocurrencies represent virtually counterfeit-proof digital currencies that are built on blockchain technology. These can be obtained using cryptography or virtual currencies. Cryptocurrencies constitute decentralized networks, utilizing blockchain technology, which are decisively controlled by a central authority. This makes cryptocurrencies unique in their function, placing them effectively outside the sphere of influence of any government or central bank. Such digital currency originates from encryption.
Read this Term, but we are seeing a bounce back to the top. The current price is trading at $27,116. The swing low of March 25 at $27,228 and the swing low of March 24 at $27,043 are now resistance. Stay below both of those levels and the sellers can hang on to a more bearish bias. Move above, and I would fear that the sellers could be forced to buy back during the failed break.

A break back below the $26,700 level is needed to increase the bearish bias and have traders looking possibly down to the 38.2% retracement at $25,632.13.

Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here