The market of crypto currency is recovering. Is the decline completed?

On Monday, the world’s major crypto currencies are growing in price, after declining throughout the past week. The main pressure on the crypto currency market is exerted by fears of a more stringent regulation of the trade in digital currencies. Also, pressure was exerted by the decision of Twitter to ban advertising of digital currencies, following the examples of Facebook and Google. Today’s growth of the crypto-currency is more related to technical factors and partial fixation of profit on short positions. In the near future, one should not expect a stronger recovery of the market of crypto currency due to the lack of supporting fundamental factors.

Technical analysis: Bitcoin’s price has risen slightly during today’s trading, but still remains below $ 7,000.00, which is a signal of the continuation of a downtrend in the short term. In the event of the resumption of the decrease in Bitcoin’s price and the consolidation below $ 6 600.00, one should expect its further decrease to the level of $ 5 800.00. In case of resumption of growth and consolidation above $ 7,500.00, one should expect the price to recover to $ 8,000.00, $ 8,250.00.

Fig. BTC/USD. The current price is $ 6,954.110.

Alexander Sivtsov