The crypto-currency market. Digital currencies continue to decline

The world’s major crypto currencies, including Bitcoin, remain under pressure on Tuesday. The main pressure on crypto currencies is caused by concerns about tightening of trade in digital currencies. Only since the beginning of January the market has fallen by more than $ 500.00 billion. The message that the Chinese regulators blocked websites related to the trade in crypto-currencies also put some pressure.

Also, on Monday ECB President Mario Draghi said that the crypto-currencies are very risky assets and their purchase should be treated with great care. Draghi also noted that banks’ interest in crypto-currencies is still limited, but the appearance of bitcoin futures in the market may in the future prompt European banks to open positions in the crypto-currency.

Technical analysis: The price of bitcoin in the first half of Tuesday trades fell to $ 5,794.00, while approaching the minimum mark of November 2017. At the moment, the price of the crypto currency has receded from the local maximum, while the main resistance levels are considered at $ 7,200.00, and $ 8,065.00, which correspond to the levels of 23.6 and 38.2 Fibonacci on H1.

The main recommendations: the sale of bitcoin from the main correction levels on the Fibonacci lines on H1 23.6 and 38.2, with the potential to decline to $ 6 000.00, $ 5 800.00.

Fig. BTC/USD. The current price is $ 6,446,790.

Alexander Sivtsov