The crypto currency market is under pressure: Bitcoin is fixed below $ 8 000.00

On Monday, the main crypto-currencies continue to fall in price in response to the continued fear of tightening regulation of trade in crypto-currencies. The introduction of strict regulation of the crypto currency market is due to the intention to prevent the use of crypto currency for illegal financial transactions and money laundering. Also, there was a report that on Friday large banks, such as J.P. Morgan Chase, Bank of America and Citigroup have banned their clients from using credit cards to purchase crypto currency in avoiding non-refunding of credit funds to customers because of the continued fall in prices of crypto currency.

Technical Analysis: During today’s trades, Bitcoin’s price declined by almost $ 7,300.00, thereby breaking the Fibonacci level of 61.8%, which is a confirmation of a further decrease in the price of bitcoin.

Main recommendations: The main recommendation will be the sale of Bitcoin after its return to the level of 61.8% of Fibonacci, where the price corresponds to $ 8,115.00 with the goal of $ 7,300.00- $ 6,500.00.

Fig. BTC/USD. Current price – $ 7,381.070

Alexander Sivtsov