• Home
  • Global News
  • Crypto Technicals Flash Pain Ahead, Eye Bitcoin at $4,000
Crypto Technicals Flash Pain Ahead, Eye Bitcoin at $4,000
Global  
Bloombergquint

(Bloomberg) -- Cryptocurrency technical analysts are warning against buying on the dip after the sell-off that shaved $600 billion from the value of digital coins since January.
 

 

A gauge of the 10 biggest, most liquid digital coins dropped to its lowest this year on Wednesday, triggering a flurry of technical studies. While Bitcoin, the largest cryptocurrency, hasn’t hit a similar trough since June 29, it’s attracting bearish calls as it slips below its 50-day moving average.
 
Even as it rebounded on Thursday, the digital token has failed to trade above widely followed retracement levels despite a smattering of good news, such as reports of greater interest from Wall Street in providing services for cryptocurrency trading. Bitcoin rose 2.9 percent to $6,500 as of 11:19 a.m. in New York.
 
 
“You’re getting a bounce today, but I expect the next level of support down close to $6,100,” Rob Sluymer, a technical strategist at FundStrat Global Advisors in New York, said in an interview. “It’s pretty early to make the case that you need to go long. It’s got to stabilize first.”
 
Bloomberg Intelligence analyst Mike McGlone said Bitcoin is poised to weaken even further, to 2017’s average level. “Bitcoin is in dump mode, following the pump run-up on the potential for a U.S. ETF,” he said in an interview. “It may not subside until revisiting good support near $4,000 -- last year’s mean.”
 
He called this year’s correction “tame” compared with those seen in previous years.
 

 
 


 
 


 
More in Global
12 reasons why older men date younger women

Well, age is just a number right? We have seen countless men date younger women and found it weird. However, it is globally accepted.   ...

Recently posted . 0 views

How to retire at 40 with Rs 50 lakh! Explore Public Provident Fund+Pos...

How to retire at 40: Everybody wants to enjoy a relaxed life or live on their own terms. Some millennials plan to retire early. So much so that retiring at 40 has b...

Recently posted . 7 views

H-1B visa tweak may hurt Indian IT firms

BENGALURU: The Donald Trump administration has proposed changes to the H-1B registration process, which could lead to more permits being given to...

Recently posted . 4 views

11 Signs of A True Friendship

With the days of having hundreds of Facebook “friends” upon us, real friendships built on respect, a common bond, and shared memories seem to be few a...

Recently posted . 1 views

China to Launch Three Artificial Moons Bright Enough to Replace Street...

The artificial or man-made moon is a satellite carrying a huge space mirror, which can reflect the sun light to the Earth.  

Recently posted . 4 views

 
 
 

Prashnavali

Thought of the day

Things work out best for those who make the best of how things work out.
Anonymous