Bitcoin is showing a significant sign of weakness from the price action point of view as it does a open rejection from thursdays top. On Fridays session price opened gap up and done a magical high of 16666.66 (Bitstamp Exchange) however rejected and got back into thursdays trading range with a strong rejection. Trading sentiment is maintaining negative for the last two trading session. Medium term Bitcoin Trend Exhaustion is clearly visible.
Too much of news about bitcoin(Chinese bitcoin bank, Korean ICOs ban, Jamie Dimon(JP Morgan), Goldman Sachs, ) kept the news flow busy attracting more of speculators. Despite all the negative speculation and panic dip below 3000 USD bitcoin price holds up with a strong bounce back.
In case if you havent heard about the digital currencies Bitcoin and Ethereum, in the last three months Bitcoin value has risen exponentially to 150% and more than 400% in the last 1 year alone. Demand for crypto currencies soared with the creation of new tokens to raise funding for start-ups using blockchain technology. New […]
Bitcoin the Virtual currency in the last two days falled heavily from 900 levels to sub 700 levels and looks like some one had pressed the panic sell button. Mt. Gox, one of the world’s biggest Bitcoin trading exchanges, has temporarily suspended all Bitcoin withdrawals with immediate effect.