Bitcoin Today: Low volatility and possible dump
Price
Bullish tendency continues, bringing the price above 7300 level to the latest peak 7430, breakthrough above this level will be a bullish signal and probably send the price even higher. Nonetheless, more and more traders are waiting for the correction to such unusually calm growth (bitcoin market shows the lowest volatility in 2018). Due to an absence of the strong fundamental supporters for the bullish rally, traders should be extremely cautious about bullish signals. Overall picture stays the same: breakthrough above 7430 will be a bullish signal; 7000 – 100-days EMA zone should support the bullish tendency.
“I can’t look away from the broader trend. We are seeing these intermittent rallies, but the broader movement is extremely consistent like the move to $8,500 [in late July], which didn’t last long,” said senior market analyst at Oanda Craig Erlam.
Today forecast
Trading in the 7000 - 7430 zone. Breakthrough above 7430 – bullish signal.
Latest news and rumors
Bullish tendency continues, bringing the price above 7300 level to the latest peak 7430, breakthrough above this level will be a bullish signal and probably send the price even higher. Nonetheless, more and more traders are waiting for the correction to such unusually calm growth (bitcoin market shows the lowest volatility in 2018). Due to an absence of the strong fundamental supporters for the bullish rally, traders should be extremely cautious about bullish signals. Overall picture stays the same: breakthrough above 7430 will be a bullish signal; 7000 – 100-days EMA zone should support the bullish tendency.
“I can’t look away from the broader trend. We are seeing these intermittent rallies, but the broader movement is extremely consistent like the move to $8,500 [in late July], which didn’t last long,” said senior market analyst at Oanda Craig Erlam.
Today forecast
Trading in the 7000 - 7430 zone. Breakthrough above 7430 – bullish signal.
Latest news and rumors
- $800 million dump from the Silk Road
Recently, the community drew attention to the fact that associated with the now-defunct dark market Silk Road and Ross Ulbricht, crypto-currency wallets "woke up" and started moving funds. The fact that $ 800 million in bitcoins and Bitcoin Cash (BCH) were probably withdrawn, indicates a possible large-scale dump on the bitcoin market.
The movement of 111 111 bitcoins and BCH was noticed by participants of the crypto-exchange community on August 30. The funds were distributed by smaller parts among 80 wallets, and a common opinion leans that there is a threat that they can be dropped on the market.
Such a large volume of bitcoins can have a significant impact on the rate of the main cryptocurrency, as it was at the beginning of the year with 16,000 bitcoins from MtGox wallets, which caused a drop in the rate on $ 1000 per week.
So far, however, not a single transaction has been performed at the addresses of the well-known crypto-exchanges.
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