The price of Bitcoin falls on the 28. August by five per cent below the 10,000-US-Dollar-brand. But the entire crypto-market springs. Also the Altcoins Ethereum (ETH), Ripple (XRP), Monero (XMR) and Binance Coin (BNB) are losing strength. What are the reasons?
By Phillip Horch
On 29. August 2019BTC$9.445,28 -7.22%part Facebook Twitter LinkedIn xing mail
Bitcoin price: The largest crypto currency by market capitalization, has lost in the last 24 hours, almost five percent of traction. Thus, the crypto-horse fell back below the 10,000-US-Dollar-brand. Currently, the BTC-rate is nearly 9,500 US-dollars.
In the Bitcoin course history occurs in the bearish version. So BTC was not able to test the resistance area between 11.541, and 11.860 USD. Another sale under 9.262 would confirm the goals 7.962 and 6.025 dollars.
In search of reasons, the journey sometimes leads to Chicago.
Bitcoin Futures to blame for the price slide?
That Bitcoin have Futures influence the Price performance of the largest crypto currency by market capitalization, according to a study likely. Accordingly, recognized researchers from the US Federal Reserve Bank in sharp price movements after the release or the Start of the Futures by the CME, a Parallel to the price developments, which already existed in the regular market.
you Want to detect this Parallel also, at the current Bitcoin rate, it is quite possible. So on the 29. August, the last Trading day of the Chicago Mercantile Exchange (CME) for the BTC futures contracts this month. In other words: The Futures expire.
on the other hand, the on 23. September upcoming launch of the Bakkt BTC Futures, however, are seen as a buy signal. A Bitcoin price under $ 10,000 would favor.
However, exchange rate movements of five percent in the crypto-market is commonplace. So, it may be in the current movements as well as to the normal Business in the crypto-market.
Technical price analysis the bitcoin price analysis of Dr. Philipp Giese:
We consider the technical development in the value of pair BTC/USD on the exchange Bitstamp.
since mid-August, traversed sideways phase is the price of Bitcoin to under $ 10,000 like it.
there’s More: The recent price drop caused the price under the Support of the since mid-June, followed the Triangle Pattern break out. A Test from the MA20, the slide is now the average of the last 20 weeks, and?
at Least, the indicators suggest this: The MACD is negative and falls, as well as the RSI is well below 50. The sentiment is bearish, therefore, in the short term, so that in the first line of a Short Position offers the Stop Loss at 9.899 US dollars and the Target is at the height of the above-mentioned MA20 at 8.928,98 U.S. dollars.
Only after rising above 10.289,17 US-Dollar (or a Bounce on the MA20) offers a Long Position, the Target is 11.986,00 US-Dollar. A suitable Stop Loss is 9.899 US Dollar. The price should not bounce at the MA20, the rise of the Bitcoin price since the beginning of April is a bad Signal: We would come back course technically in bearish territory.
Bitcoin price breaks Altcoins with
As usual, the biggest of all crypto crack currencies of the Altcoins with it.
Ethereum (ETH) drops to 170 to the U.S. Dollar
The second largest crypto-currency, Ethereum had a harsher recoil than BTC to cope with. The Ether-Token is currently at just under 170 dollars with a 24-hours-a Minus of about eight percent.
Ripple (XRP) on the dive
the crypto-currency, XRP from Ripple has already experienced better times. With a price of $ 0.25 5 per cent is XRP weaker than 24 hours ago.
Binance Coin (BNB) and Monero (XMR) it hits especially hard
The Binance Coin (NBB) had to cope with a setback of more than ten percent. Thus, the BNB rate is 22.60 dollars.
so violently, it hit the Privacy Coin, Monero (XMR). Also, the XMR-rate is about ten per cent weaker than the previous day. So he is 70,35 USD.
Bitcoin price under $ 10,000 – a reason to panic?
by No means. As always, the market is on crypto: keep calm, and not in FUD (Fear, Uncertainty and Doubt) will be forfeited. The fundamental strength of the decentralised project BTC is a course slip can change a little.
it adheres to the principles of the anti-cyclical Investments, you can see now, rather, a buy-signal. According to the Fear & Greed Index the mood of the crypto is scared-of the market at the moment.
Who wants to buy, when the cannons thunder, now know what to do.
Disclaimer: These comments are merely estimates made by the analysts and is not a recommendation for action.
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