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Bit-comment: Bitcoin cannot go beyond $7,300

During the last five days, Bitcoin has been trying to form a sideways price trend. The benchmark cryptocurrency, though wobbling, cannot confidently go beyond $7,300 in any direction. Price rebounds reach $7,500, where the sale of the asset begins. Nevertheless, in recent days, we have seen a 40% increase in trading volumes to $21bn, which may indicate the approaching willingness of investors to set a more defined direction for the first cryptocurrency. The greed and fear index declined to 21, returning to the “Extreme Fear” area.

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The index reached its highest “greed level” on June 26 2019, at 95, which was the start of the Bitcoin sell-off. Based on this logic, the current values are considered an excellent opportunity to buy. However, the lowest level 5 was on August 22, and it didn’t become a starting point for either a short-term impulse or a broader trend. Since the June peaks, the BTCUSD showed a sequence of declining highs and lows.

Essential next test is now the $5-$6K area, where the 200-week moving average is located. Bitcoin spent most of April in this area and may stay here again.

The FxPro Analyst Team


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