Now Trading at Around $6,300.
We rarely publish news about cryptocurrencies as there is so much of it. However, periodically BitBoots (reviewed here) has updates on cryptocurrency news that are very informative and extremely well-written. They just published such an update giving their reasons why they expect the value of BitCoin to drop to $6,000 (or lower?) in the coming weeks. They give four reasons for this based on a technical analysis of trading trends and other factors over the last few months. Below I am going to reprint the introductory information from their update. If you would like further information, please go to the BitBoots website for a detailed presentation of the four reasons for their prediction that the value of BitCoin might decrease significantly.
4 Reasons Why Bitcoins Price Could Now Drop to $6K
Bitcoin’s drop to three-week lows today has likely kick-started a bearish move towards the major support at $6,000, technical charts indicate.
The leading cryptocurrency fell to $6,252 at 7:15 UTC on Bitfinex – the lowest level since Sept. 19 – and was last seen trading at $6,300, representing a 5-percent drop on a 24-hour basis.
The failure to capitalize on Monday’s move above the crucial 10-week exponential moving average (EMA) resistance of $6,998, despite the upside break of a key falling trendline, ended up emboldening the bears, as expected.
More importantly, the sell-off witnessed in the last few hours has put an end to a prolonged period of lateral trading. The technical indicators have rolled over in favor of the bears, adding credence to the bearish setup on the long duration charts.
Further, the big drop in the equity markets this morning may not bode well for BTC, as the cryptocurrency is still being treated as a risk asset.
As a result, the cryptocurrency is eyeing a drop toward $6,000. Here are four reasons why that is looking likely…
Please see the BitBoots website for the remainder or the update.
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