Over the past three months, the price of Bitcoin has remained relatively stable and has shown a strong performance against the US Dollar. And in terms of volume, there is a strong volume in both the US and Japan.
Since December 16, the Bitcoin price has risen to $ 3,943 a year from the lowest level of $ 3,193 in the 3-month period and tested the resistance level of $ 4,000.
Bitcoin's stagnation leads to the emergence of alternative crypto currencies, with many tokens making huge gains against both the BTC and the USD. Among these assets, subcoins such as Litecoin, Enjin Coin and Kyber Network have increased by 50 to 100% in a short time.
However, a crypto-currency technical analyst known as ip Bleeding Crypto, mes who spoke to CCN in an interview, says that Bitcoin's falling to $ 1,850 is still a strong possibility for the dominant crypto-currency.
Why Does Bitcoin Fall to $ 1850?
Earlier this month, Bitcoin did not exceed the $ 4,200 resistance level after breaking the $ 4,000 level. Therefore, the technical analyst says the next short-term move for BTC is likely to reduce Bitcoin to a value between $ 2,400 and $ 3,000.
Bitcoin> $ 4,000
– Barry Silbert (@barrysilbert) February 23, 2019
According to the analyst, in the middle of 2017, Bitcoin had a few months left at $ 2,400 before it went down to $ 1,850, and it was set at a bottom price after the Bitcoin Cash hard fork, which also led to a bearish trend in the market.
Bitcoin did not test these values, which the analyst stated last year. However, the analyst says the views continue to be the same, and the decline in the price and momentum of the asset last year is likely to fall to $ 2,450 in the coming months.
In a statement to CCN, the technical analyst says:
Sağla I believe this, because if you look at the chart in May 2017, it provided Bitcoin support for $ 2,450 over the months before it fell to $ 1,850. After the breakthrough of the BCH, a month of trend was entered and the price dropped to $ 1850. He took a Bitcoin fire from there and never returned at that price. He re-tested the $ 2450 area at that time. O
Therefore, as in the most important area of support, we believe that a backward test probably tends to repeat the price movement itself. So, it doesn't seem unreasonable for Bitcoin to retest a $ 2,450 value.
– Bleeding Crypto (@Bleeding_Crypto) March 8, 2019
In addition, the analyst stresses that if the BTC attempts to re-test the $ 2,450, the downtrend to $ 1,850 in mid-2017 could reoccur and create a suitable base for the asset.
In recent weeks, several crypto-currency investors and well-known analysts have argued that for Bitcoin, which does not retest even $ 3,300 at previous support levels, investors are cautious about a short-term upward move.
If Bitcoin can break this $ 3940 it will be a relatively clear run at $ 4250 at least.
Though, as long as $ 3550 and $ 3350 remain untested I 33m cautious about every move up.
– UB (@CryptoUB) March 9, 2019
Bitcoin is one of the fun areas where pump movement can take place with the rest of the market. Or, it can ruin every good-looking subcoin set and retest the absolute levels of ATH around the CT. An investor says that the price movement of BTC and the upward movements of tokens can be reversed in a short time.
As with the price movement of any other asset, there are many variables for the rest of the Bitcoin and the crypto-currency market.
The strong price movements of alternative crypto currencies show that investors' confidence in the crypto-currency market has increased as it shows an increase in high-risk and high yielding transactions.
Basically, the adoption of crypto currencies by major financial institutions, technology companies and service companies such as Samsung Electronics, Julius Baer and Fidelity shows a noticeable improvement.
While technical indicators for most crypto-currency assets remain weak, the development, acceptance and institutionalization aspects of industry have made significant progress since the beginning of 2019.
With this momentum, the total value of the crypto money market has increased by about 30 percent since the end of December. In the coming months, at least in the second quarter of 2019, analysts say this momentum is key for Bitcoin.
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The post Credited Crypto Analyst Marked $ 1,850 in Bitcoin appeared first on Kriptokoin.com.