Risk of a repeat of the fall of 2018

The general trend of the bitcoin market has been declining in the last 6 weeks. The price is now on the verge of falling below a significant support, which may lead to a decline in the size of the downward market in 2018.

To Report The Bitcoin price has just fallen below a short-term uptrend as the market has declined. This downward movement may continue to be accompanied by the fall of Bitcoin to the level of $ 30,000, which is the bottom of the price fluctuation range in the past year.

Bitcoin has failed to maintain support at $ 40,000 in recent months and is now up 47% with a record high of $ 69,000. The strength of the long-term uptrend has been reduced, so it can be said that the uptrend this year is likely to be limited and weak.

In the 1-week view of the Bitcoin market, there is a risk that the price will fall below the simple 100-week moving average ($ 36,247 level). Closing the weekly candle below this moving average for the second time may lead to a fall in price to $ 30,000 and then $ 17.823. Such a move would mean a nearly 80 percent drop in prices from the recent historical high, which would equate to a declining market in 2018.

May has usually been a good time in the stock market and digital currencies in the past, and this may encourage buyers to work close to the price floor to some extent; At the moment, however, traders do not believe much in reversing the recent downtrend.