Everyone desires to know the fate of the main crypto currency today. We have already heard various predictions of the course, which relied on a variety of factors. This time, a group of successful traders and analysts, among whom Paul Day is, put forward his theory of market development, based on well-founded arguments.
The main tool for creating those or other forecasts is technical analysis. If you look at the technical analysis of bitcoin, then attention was drawn to two indicators: the moving average for 50 days, the moving average for 9 months. The last time these lines crossed in 2015, which was the beginning of a strong bullish trend. Today we see that they are ready to cross again. Traders have already referred to this event as the "cross of death bitcoin," which can greatly strengthen the downtrend.
The crypto industry has been interested in more and more traders from Wall Street. These people are very closely following the indicators of various indicators, and their forecasts are more significant. Paul Day, a well-known technical analyst and member of the management of futures and options at MarketSecuritiesDubaiLtd, commented on the situation:
"After strong growth and a record price at the end of 2017, bitcoin entered a protracted correction that continues to this day. Technical analysis suggests the approach of a bear market that may be prolonged for a long time. "
After analyzing the price of crypto currency for a long time, the analyst came to the conclusion that the price could drop to 76%, as it happened in 2013. In this case, we will see a coin at around $ 3000 -2500 $, after which a trend change follows.
Many crypto traders do not use indicators. This is due to the fact that the market is completely new and the behavior of the crypto currency often does not converge with the basics of technical analysis. That is why the repetition of such a scenario is most likely unlikely. Today, everyone is waiting for the samo G20, which can decide the fate of many coins. And if the governments of the countries give the green light to the crypto, then no moving averages can stop the growth of bitcoin.
Read more news about the current currency on our website.