Apparently, all the talk about the fact that Bitcoin, and other crypto currency are actively used for laundering the proceeds of crime, is not baseless. How else can the continuous decline of Bitcoin be explained? It was worthwhile for the Bank of China to tackle its restrictions and control, as Bitcoin plummeted. Some other central banks are planning to introduce similar restrictions. So everything that is happening is more like running away from supervision and control by the authorities. Most of all, such supervision causes fear not just to ordinary people, but criminals who need to legalize their incomes. And, judging by the scale of Bitcoin's decline, their share in the crypto-currency market is not even significant, but prevalent. However, as long as the ECB and the Fed keeps their silence regarding the matter, Bitcoin will have a chance to grow.
Technical picture
Over the past 24 hours bitcoin prices managed to rise even further, thus closing the recent gap. At the moment we are already approaching near the value of 3000, and regarding the question of end of the bear rally, I think the answer will be mixed. If we refer to the technical analysis, then yes, the recent GEP 3450/3220 could play as a support somewhere in the euro/ buck, but not here, because the strategy on crypto currency is slightly different due to its unpredictability. What are our verdicts? It is likely that the downward movement will continue, bringing us closer to the level of 2850, where the prices has repeatedly felt pressure, we also see by the RSI that we have already reached a critical point, and, perhaps, in the very near future a change of trade will occur.
Earn on the movement of the path of the crypto currency with InstaForex, after opening a transaction in the terminal of MetaTrader4
