Cryptocurrency Today: Bitcoin going high and Low price, It will be still beneficial in Trade?

What is Bitcoin?

Bitcoin is a cryptocurrency. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.

Is Bitcoin is a good investment?

Cryptocurrency could be an effective online currency exchange; however, buyers buy up bitcoins with the intent of investing much as they would with stocks. ... While bitcoin could potentially pay off, the best way to approach this investment is with caution. Small investments and small steps will cover more ground.

As of March 23, 2020 - Bitcoin is down over 5% and it broke the $6,000 support against the US Dollar. BTC cost is presently giving bearish indications and it could keep on descending.

  • Bitcoin started a fresh decline after it failed to clear the $6,500 resistance against the US Dollar.
  • The price is now trading below the $6,200 and $6,000 support levels.
  • There is a key contracting triangle forming with support near $5,780 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could either decline sharply below $5,750 or it might attempt a fresh increase to $6,500.

After a not too bad upward move, bitcoin battled to pick up force over the $6,500 obstruction against the US Dollar. BTC cost made two or three endeavors to settle above $6,500, yet it fizzled. 

Therefore, there was a new decrease beneath the $6,200 support and the 100 hourly basic moving normal. The cost increased bearish energy and exchanged underneath the $6,000 support. 

Another week by week low is framed close the $5,694 level and bitcoin is at present solidifying misfortunes. It is exchanging over the 23.6% Fib retracement level of the ongoing decrease from the $6,471 high to $5,694 low. 

There are numerous obstacles on the upside, beginning with the $6,000 level. The main significant obstacle is close the $6,080 level and the 100 hourly basic moving normal. The half Fib retracement level of the ongoing decay from the $6,471 high to $5,694 low is additionally close $6,080.

Bitcoin Price

Post a Comment