Bitcoin BTC BTCUSD 27 Jun 2018
Most coins are in red again as the recovery momentum proved to be too weak to take prices above critical resistance levels. When will the bear market hit the bottom? What does the following 27 June Bitcoin Price Fundamental Analysis explain?
27 June, GKFX – While no one knows for sure when this bear market hit the bottom, ceteris paribus, we will continue hitting new lows for the foreseeable future. Bitcoin is changing hands at $6,080, down 2.4% on daily basis.
While crypto bulls like Brian Kelly, John MacAfee, and others try to calm the panic, encouraging traders to put things into perspective, there are some doomsayers with new gloomy forecasts.
Chief trader Jordan Hiscott is one of them. He claims that the worst isn't over as Bitcoin will cost about $5,000 by summer’s end.
"The ability to trade and get access to both positions and funds hugely affects the perception of the stability of crypto assets as a whole. This is important as not having the backing of governments, unlike fiat currencies, makes crypto vulnerable, which is evident in today’s fall in the value of Bitcoin,"
he said in the interview with Express.co.uk.
Hiscott believes, that tighter approach of Japanese regulator coupled with several hack attacks will influence the market sentiment within summer months.
BTCUSD is trading below all 30-min MAs, which is a negative intraday signal. The price recovered from early losses reached at $6,006, but still in the red zone on daily basis. The local support is created by $16,137 (200-SMA, 30-min), followed by $6,194 (100-SMA, 30-min).
Once this area is cleared, BTCUSD may extend the recovery towards the ultimate resistance created by the upper line of Andrew's pitchfork (now at $6,330).
On the downside, $6,000 serves as a critical support, followed by Sunday's low at $5,777.
BTCUSD, 30-min chart
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