Bitcoin still under pressure from sellers, but key support could reverse the trend

The price of bitcoin is still under the control of sellers, today 13 June the market shows no signs of recovery, while yesterday we recorded a minimum in the area of 6,400 dollars, these are levels that had not been seen for two months.

The support placed at 6,400 dollars is a very important level from the technical point of view, as can be seen from the chart below, the market, after violating the upward trendline that joins the lows from September 2017, has extended losses to reach the key support at 6,400 dollars.It is probable that, in the first instance, the level of support will be able to repel the sellers, giving rise to a pullback back towards the trend line just violated and, after exceeding the moving averages acting as resistors, it will be possible to see a reversal of the trend.

This negative phase of bitcoin, consequently, involving all the main cryptocurrencies altcoin, the correlation between bitcoin and altcoin is still very strong and for this reason when bitcoin depreciates, the same thing happens to other cryptocurrencies, a fact that, according to a recent statement of the CEO of Ripple, will go down with time when users will understand well the different use cases related to each cryptocurrency.

Despite the downward trend on the crypto markets, some of the top experts support the idea that it is just a normal retrace as happened in the past, and probably soon we will see a new rally that will bring prices and market capitalization to new historical highs.

About Paolo Cianfriglia 28 Articles
Paolo is a financial analyst who likes to analyze and write about financial markets, especially abuot the fast-growing cryptocurrency markets. He writes for several websites and corporate blogs and at the same time offers advice to investors who are not yet familiar with the dangers related to the digital currency markets. Strongly motivated by the interest in blockchain technology, he loves sharing the news of the sector. Email Address: paoloweb@altcoinews.it

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