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Bitcoin May Resume Bullish Pressure Due to RSI Oversold Level: Forbes Analyst

  • Yuri Molchan
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    Bitcoin bulls may resume pressure, says a crypto analyst and a Forbes contributor, however, under certain conditions a ‘blood bath could happen’, he says

Bitcoin May Resume Bullish Pressure Due to RSI Oversold Level: Forbes Analyst
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After the Bitcoin price had dropped below $8,000 earlier today, at the moment it has got over this psychological mark again.

In his recent tweet, Naeem Aslam, a crypto analyst and a Forbes contributor, has stated that he expects the bulls to resume their pressure over the RSI oversold level. However, should the 50-day SMA go lower than the 100-day mark and stay there, it could drive the market well into the red zone.

Bitcoin loses 15 percent of value within hours

Last week, the Bitcoin price suddenly crushed within a few hours, losing around 15 percent and dropping from around $10,000 first to $8,700 and then even under to the $8,000 mark. After that BTC recovered and hang slightly above $8,000.

This morning, the price declined to around $7,700 but at the time of writing, it is back to $8,043.

Bitcoin Price 09/30/19
Image by Coinstats

As the plummet of the Bitcoin price began last week, many experts started advising to ‘buy the dip’, among them the crypto investor Anthony Pompliano and the CEO of Morgan Creek Capital Mark Yusko.

When speaking to CNBC last week, he simply said ‘Buy it!’ referring to Bitcoin. Yusko also stated that daily price jerks should be ignored. Curiously, that earlier he predicted that BTC would hit $30,000 before conducting a major price reversal.

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Are altcoins to blame for the BTC fall?

Another crypto analyst, @100trillionUSD, unlike many, believes that the current Bitcoin price plunge took place not due to the weak start of BTC futures trading on Bakkt.

As per him, “the rise and fall of altcoins is a more likely driver of 2017-2019 btc prices”.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

  •  Denis Sinyavskiy
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    Former US Congressman Ron Paul shares his thoughts on the possible creation of Fed’s own cryptocurrency

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency
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Former US Congressman Ron Paul spoke on Fox Business and said that the Fed should not think about creating its own cryptocurrency.

Fed’s Crypto: To Be or Not To Be?

Rumors have been circulating for the past few months about the Fed possibly creating own cryptocurrency. It is expected that a digital coin would become a competitor to its counterparts on the market, and may even replace fiat money. President Patrick Harker, President of the Federal Reserve Bank of Philadelphia, commented on such rumors at a recent conference:

“It is inevitable. I think it is better for us to start getting our hands around it.”

However, there has not been no official follow-up by the Fed towards a crypto exchange. While proponents of this idea believe such innovation is necessary, it is expected that the exchange could stop the current delays involving US bank transfers.

What do the opponents think about the Fed's own cryptocurrency?

The idea of ​​creating the Fed's cryptocurrency has its opponents. This includes Ron Paul, who believes that the Fed is in a better position to stay away from digital coins and allow the private blockchain sector and payment platforms to resolve this discussion in real-time. What the Fed plans to do next is unclear, but the central bank may still enter the game.

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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