Bitcoin’s price is approaching a key mark, from which the long-term growth could continue. What is the market sentiment at the moment? Is Bitcoin’s price cheap, compared to the long-term trend? There was no turn to decline yet Right before the 11th G20 summit took place in China, Bitcoin’s price went up by almost 10%. Many experts have noted that the yuan is unlikely to escape a new wave of devaulation in 2016. It seems that such news provokes investors into taking up new instruments to diversify. Also, one of the large cryptocurrency trading companies – BitKan – is determined to enter the US market in September this year. The company managed to secure more than $1.5 mln worth of investment in April 2016. BitKan has managed to gain more than several million clients already. All that could lead to growth in the trading volume. Right now, Bitcoin’s price is forming within a long-term correction towards the upward trend. BTC has reached an important level. Similar situations have happened before, and they weren’t rare. For example, the most recent powerful growth, which happend in late May this year, occurred in a similar situation. But there is always an alternative scenario – the continuation of a long-term downward correction. BTC/USD chart When one looks at the traders’ buy and sell orders it becomes clear that most deals have been opened with an upward trend in mind. There are about 40% more buyers than sellers on the market right now. That’s why, judging by the delayed orders, the overall situation is more or less positive. But we need an additional confirmation. We need to see the traders’ reactions at key levels. The level of $615-20 is important for the upward movement. Large sell volumes intersect with two technicals: a diagonal channel […]
