[sociallocker id=”55298″]
On Thursday, the leading cryptocurrency keeps correcting, which is absolutely logical after the latest movements. Today Bitcoin is generally trading at around $9,500.
By Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
- Tech analysis of Bitcoin price now.
- Miners brought down the sales volume of the BTC.
- The BTC is gaining speed – Novogratz.
On W1, the quotations are trading in a small range. The pair keeps restoring its positions. Technically speaking, now Bitcoin is still trading above 61.8% Fibo. This might precede another bounce off this level. The MACD remains below zero, which may indicate a change in the trend. The price might soon decline, aiming at 38.2% Fibo.
Photo: Roboforex / TradingView
On D1, the picture is quite similar to that on W1. The pair keeps growing, trading near the resistance level. On the chart, this looks like a sideways movement between 50.0% and 100.0% Fibo. On the MACD, the histogram is above zero, and the signal line may soon form a Black Cross. Judging by the signals on both W1 and D1, the nearest future of the cryptocurrency does not look bright. We may be expecting a decline in the price; the perspective of growth remains feeble.
Photo: Roboforex / TradingView
H4 does not promise any growth either. The price is still moving inside the ascending channel, but the Stochastic has formed a Black Cross near 80, which might mean an upcoming decline, potentially aiming at $5900.00 USD. The larger timeframes give a more serious picture of a possible decline, however, we may be counting on not so global aims of the decrease.
Photo: Roboforex / TradingView
According to Glassnode, during these last days, miners have decreased the sales volume of the BTC. The decrease became noticeable on May 14th, when the rate of the leading cryptocurrency approached the local peaks. Miners’ activity is important: they take a separate niche in the BTC ecosystem, and their behavior gives an idea of the market situation in real-time.
Meanwhile, the reaction of investors to the latest bursts of the BTC rate was unequivocal: the largest crypto exchanges faced an inflow of digital money.
Michael Novogratz, the founder of Galaxy Digital, thinks that the BTC rate has just started gaining speed. He clearly indicated the potential of growth above $10.000 USD, and the reality then showed his forecasts true. Novogratz states that budgets stop to be balanced, and the turbulence in the USA further aggravates the chaos.
However, there are no guarantees that in times of turmoil in the US the BTC will act as a safe-haven asset. This year, it has never performed this role, no matter how turbulent capital markets have been. Same with the complications of the USA-China relationship, for example, sure to the controversial draft bill on the national safety of Hong Kong. Sure, in 2019, during the troubles around Hong Kong, the market, indeed, was buying the BTC to decrease the risks of the yuan devaluation. However, since then, the Bitcoin positions have not secured, neither has it now become known as a safe-haven asset.
Disclaimer: Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.
Dmitriy Gurkovskiy is a senior analyst at RoboForex, an award-winning European online foreign exchange forex broker.
Source
[/sociallocker]
