Today the stock market on Monday massacre response, not only leave the bitcoin price mark – which fell below the 5000$this year for the first time – but in technology stocks as well.
Recently, bitcoin prices attracted bearish analysis
According to Bloomberg intelligence (Bloomberg Intelligence) technical analyst said, even worse, bitcoin prices have not bottomed out. The global digital currency financial media portal fell further to 70%, could lead to the low price to $1500. As a reference, bitcoin this year has lost more than 60% of the value. Wednesday’s sell-off triggered a new wave of bearish target of encryption currency, because it exceeded nearly $6000 in support of well-known. Analysts said the next potential support for $4500 and $3500.
Travis Colin, founder of hedge fund Ikigai encryption (Travis Kling) is one of the feared bitcoin market down the action of the person. The former Point72 investment manager stressed that bitcoin blockchain split the latest cash may be long-term damage to the encryption market. “With bitcoin cash things are likely to happen, which may affect the whole encryption market,” he said. Continue to dispute between Ver and Roger prominent encryption between the characters of Craig Wright, one of the projects will be activated in the recent hard disk, from the market absorbed billions of dollars of encryption. One of the Ver-allied Bitcoin ABC supporter is Bitmain, this is the world’s leading mineral company encryption. According to reports, they promised to bitcoin bitcoin bitcoin into cash, to ensure that the bitcoin ABC BCH implementation to win, thereby reducing investors and mining of the original bitcoin short-term stability of confidence. Bloomberg analyst Mike McGlone of BCH bifurcation as emotional support around the encryption market down to his company’s catalyst, but the analysis that decline is likely to become more serious. He wrote: “pump led to a decline in bitcoin cash hard fork.” This pump started a few weeks ago to let the market a bit too optimistic, speculative long for the good old days. But this is a long bear market. “ The chip maker, FAANG shares suffered heavy losses
The slump in the market impact of encryption also reflects the two mainstream chip makers AMD and Nvidia performance. Companies from the United States out of mining equipment in manufacturing encryption pay is very low, recently announced the current expectations of poor sales, the percentage of the respective stock price fell to two digit. Although the AMD shares on Monday fell 11%, but the Nvidia shares also recorded a 17% devaluation. Overall, the U.S. stock market experienced a bloody Monday trading session. The main technology giants this year most bullish because of its poor sales forecasting and slow global growth and deformation. Shares of FAANG, Facebook, Amason, apple, Netflix and Google’s initials, since own record has fallen about 20%.
Due to poor business relations between the United States and Chinese, so nervous. In the trade war intensified, the conflict between the two countries, on the weekend in the Pacific Rim summit. In thirty years, the world’s two major economies in the world first to find common ground in trade strategy. Negative results to make the market panic, the NASDAQ index fell to 2.7%. S & P 500 index also fell 1.6%. The United States and Chinese the president is scheduled to be held later this month at the G20 summit meeting. Every professional investors will pay close attention to the meeting, the stock market may even begin to correct the upward trend before the summit. The U.S. – China trade war with BCH hash of the war, no doubt prompted investors to temporarily withdraw funds from the market – whether they choose the traditional stock market or encryption products. At the same time, the dollar from the bull market trend reversal. One dollar fell to a two-week low, and because of the global economic slowdown, the dollar fell further. Market prospect: encryption technology
Since the beginning of this year, bitcoin market has been fluctuating in wedge shape in fall. A wedge wedge normally pointing to stronger action to break north. Therefore, from the index point of view, there may be bitcoin $3500-3628 range at the bottom of the test as the next one, and try to fall down above the trend line wedge formed a sharp correction. If there is a breakthrough, the price may be up to 7435 pounds. We placed at the bottom of the other analysts predict bitcoin, to highlight the potential downward movement. There is no doubt that $3500 is achievable. Below the level of subdivision action may bring about $3000 in back pressure to bring support, this is a strong support in September 2017. From this level of any action to stretch down $1500 free fall – as Bloomberg predicted potential pullback levels of $1788. According to the above Coinbase chart does not support $1788 lower than the specific. However, if the stable regression biological safety information exchange market, it should also have confidence to the bitcoin market. Therefore, BTC / USD index remained at more than $3500 will still be the next year may be bullish before bitcoin is approved by ETF and Bakkt launched next month.