Bitcoin Price Analysis for April, 14th – BTC Risks To Drop
By Dmitriy Gurkovskiy, author at RoboForex Blog.
On Tuesday, April 14th, the leading cryptocurrency is declining, trading at 6850 USD.
On D1, the support line of the correctional uptrend is broken away. These dynamics might be interpreted as a reversal aimed at forming a new declining wave with the goal of 3925.70 USD. Note that it reached 50.0% Fibo, so a reversal looks quite natural. The descending dynamics of the MACD lines may be supporting the development of the declining wave.
On H4, the picture of the trend reversal may be seen in more detail. Earlier, there formed a Black Cross in the overbought area of the Stochastic that warned of the end of growth. Currently, the quotations are forming the primary channel of the downtrend with the first aim at the support line near 6449.00 USD. Breaking this one away, the quotations will head for the mid-term level of 5480.00 USD. However, short sporadic growth should neither be excluded. The appearance of a new microwave of growth will be preceded by a breakaway of the resistance line and 7082.00 USD.
The new Chinese rating of the popularity and stability of cryptocurrencies have the same top-three as before – the EOS, Tron, and ETH. The BTC is number 14, losing to many other actively traded altcoins.
The total index of the crypto market did not change during the pandemics; several projects just slowed down or put on a halt their development.
The main things tracked by the CCID rating are the progressivity of the basic technology, practical value, and innovations.
Among practical news, note the information about the transfers on the Bitfinex exchange. The platform carries out a transaction for 1.1 billion USD in the BTC with a commission fee of just 0.7 USD. This is the largest transfer ever carried out. As they say at Bitfinex, 146.5 thousand coins returned to their former address, while the rest was allocated to the so-called ho wallet.
A really important thing here is the low commission fee, which was reached thanks to the progressivity of technology.
Disclaimer: Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.
Image(s): Shutterstock.com
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Dmitriy Gurkovskiy, Khareem Sudlow