Fellow Steemit Users, it’s always a good day in the crypto-space. Whether markets are up or down, a wise trader can always find a way to turn a profit! Sometimes it is all about finding arbitrage opportunities between various trading platforms, sometimes it is about anticipating a rise after a coin experiences a slump, and sometimes it is just about holding your coins and watching those values tick higher. Whatever your preferred method of trading, we here at Cryptonews 24/7 will strive to provide you with daily analysis of various markets to help you in your quest to acquire more wealth, no matter how much or how little capital you are starting with.
When analyzing cryptocurrencies, it is important to look at historical trends in addition to the current market trends. This expansive analysis can provide you with a better picture of where the market has been, and thus, where it might be trending towards next.
Here is what the 1-Month Chart is looking like:
Here is what the 5-Day Chart is looking like:
Here is what the 1-Day Chart is looking like:
As you can see when comparing these three charts, Bitcoin has continued its overall downward trajectory, over the past month. However, when looking only at the past 24 hour period, Bitcoin value has hovered right around $6575. Our assessment at CryptoNews 24/7 is that this is most likely just another temporary plateau before another downward dip. Bitcoin's insistence on staying close to the $6400-$6600 range has lead CryptoNews 24/7 to conclude that this is a possible bounce-back value once Bitcoin experiences another drop towards $6000. We believe that we will continue to see a downward trajectory towards an ultimate floor of $6000, but that this floor level would be followed by a return to around Bitcoin's current value in the few days after Bitcoin hits its floor.
As discussed previously, the announcements earlier this week by the United States’ Chairman of the Securities and Exchange Commission regarding their stance on Bitcoin not being a security, while most ICOs are will likely strengthen Bitcoin’s positioning in the long-term, but we are currently experiencing temporary losses while non-professional investors are wrapping their heads around what all of this means. We here at CryptoNews 24/7 expect the market to dip every time the Chairman seeks to “clarify” their position.CryptoNews 24/7 will be holding our BTC assets and possibly increasing our position if and when the price falls to $6000.
We hope that you have found the above information useful, and we wish you the best in all of your endeavors.
Sincerely,
CryptoNews 24/7
Disclaimer: As with all investments, only invest in cryptocurrencies up to an amount of money that you are willing to lose. All information contained in this post is designed to reflect the personal musings of CryptoNews 24/7 and should not be construed to constitute financial or investment advice. We here at CryptoNews 24/7 seek to provide information about the cryptocurrency economy and not to offer investment advice or suggest any course of action. Nothing contained within this post should be construed to be an endorsement of any cryptocurrency or trading platform that is mentioned. Do your own research and contact your financial advisor prior to any investments. Invest at your own risk.