In the declining market, Bitcoin loses about 2% Wednesday morning on a 24-hour horizon. This still indicates a test of the psychologically important mark of $ 10,000. From a technical point of view, however, it's exciting only elsewhere.
After consolidating in recent days between $ 10,500 and $ 10,200, the price of bitcoin continues to crumble Wednesday. For the moment, technical support for the $ 10,060 chart is becoming a priority.
If the price falls below this bar and then breaks the $ 10,000 mark, a new $ 9,400 support test threatens. However, this has turned out in recent months as a reliable support. It is only with a sustained relapse in the direction of $ 9,000 that the situation would deteriorate significantly.
On the upside, however, the mid-point of about $ 10,950 last Friday remains the short-term goal. Along the way, however, it is necessary to overcome the aforementioned consolidation area of recent days.
170% increase since the beginning of the year
Although bitcoin is currently trading at $ 13,797, which is well below its peak for the year to end June, there is no reason for exaggerated pessimism, say SHAREHOLDERS. The price increase since the beginning of the year remains 170% and the overall image of the chart remains positive even with a relapse below the 10,000 mark.
A whole series of reasons that could have a positive effect on the future development of Bitcoin in the short and medium term can be read in the new edition of SHAREHOLDER (38/19) – tonight from 22h in the form of an electronic newspaper and Friday at the newsstand. available.
Reference to conflicts of interest:
The Chairman of the Executive Board and majority shareholder of the issuer Börsenmedien AG, Mr. Bernd Förtsch, has received direct and indirect positions on the following financial instruments mentioned in the publication or on related derivatives, benefiting from the prices resulting from the publication: Bitcoin.
The author Nikolas Kessler holds immediate positions on the following financial instruments mentioned in the publication or related derivatives, which benefit from the price evolution resulting from the publication: Bitcoin.