Market Review. Results of the Day. Breakdown
March 14, 2018
Today, bitcoin moved through the continuation pattern flag, and broke down the support level of $8,750. Toward evening, it broke through the support level of $8,500.
Two technical patterns are currently in the process of realising their targets on bitcoin's chart. The first one is a reversal pattern called double top with a resistance level of $11,700. This is the level, on which the correction stopped and the current long-term falling trend started. The second one is a continuation pattern called flag. As a result of breaking down flag's borders, we now have a continuation of the short-term falling trend from the level of $11,700. The targets of these patterns are approximately the same: about $7,000.
If the support level reaches $7,000, then two scenarios are possible. The first one is a sharp turn with the growth to $11,700. The second one is the continuation of the long-term falling trend with the target of $2,000.
The most preferable positions are short ones for speculators. Investors should not open any positions.
If the target of the fall ($7,000) would be reached, then it makes sense to wait for the formation of new patterns and not rush to make any deals.
- China plans to standardize blockchain as soon as possible.
- Egypt is widely infected with crypto miner, thanks to a local media giant Telecom Egypt.
- Coinbase has partnered with Barclays and obtained an e-money license from British financial regulator. It will ease the deposit and the withdrawal of funds for British users of the exchange. Earlier, they were forced to make transactions through an Estonian bank. It took several days and some funds were lost due to conversion rates.
- Google bans cryptocurrency, ICO, crypto exchanges, and crypto wallets ads.
- Circle, the new owner of Poloniex, has released an app called Circle Invest, that allows to easily invest in popular cryptocurrency. It is currently available only in USA.