Bitcoin ceases diving as market tries to form a short-term bottom

Bitcoin ceases diving as market tries to form a short-term bottom

On Tuesday, Bitcoin ceased its devastating dive, so the number one crypto asset traded marginally higher.

On the Kraken crypto exchange, the currency pair BTC/USD ended up with a result of $3,685.64, adding 0.2% since Monday’s outcome.

After a dire stretch for the most popular crypto asset, one financial analyst told that signs hint at a probable bottom around the current levels. Having lost approximately 40% of its market value for the last two weeks, with little news to drive that powerful move, the leading crypto asset is attempting to form a base around the $3,500 - $3,700 level for the last three days, as some market experts pointed out.

While the longer-term chart setup is still downbeat, with a probable test of $2,970, but in the short-term the charts are indicating that the number one crypto asset is in oversold territory. As follows from this, it might end up with a relief rebound up, experts explained, referring to the relative strength index.

The RSI turns out to be a technical gauge, measuring the overall magnitude of recent price moves to assess whether a particular asset is overbought or oversold.

Meanwhile, altcoins marginally headed south. As a matter of fact, the currency pair ETH/USD slumped by 1.6% being worth $102.55. As for Litecoin, the currency pair LTC/USD lost 0.2% reaching $28.91. XRP/USD, the crypto asset, running on the Ripple protocol, dived by 0.3% hitting 34 cents. Besides this, the currency pair BCH/USD headed south by about 0.4% being worth $168.70.

Having dived over 10% on Monday, futures markets stand still on Tuesday. As a result, December delivery Cboe Global Markets contract XBTZ8 decreased by 0.6% showing $3,625, while November delivery CME Group contract BTCX8 rallied by up to 1.8% showing $3,675.

 

Similar

Latest news

Greenback edges down

On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera