CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Crypto newsletter: Bitcoin hovers around $7000

13:46 22 November 2019

Summary:

  • A crypto market has seen a notable pullback so far this week
  • Bitcoin hovers nearby its crucial support
  • Worrisome revelations from China

Everybody across markets well knows the adage that the calm is always followed by the storm and it perfectly fits into the cryptocurrency market over the course of the recent weeks. Namely, after some range trading a sudden jump came up. The price of Bitcoin almost reached $10k, but since then it’s been gradually losing steam. Moreover, it has recently moved downwards at a quicker pace, breaking below the lows observed roughly a month ago. Looking around the crypto market this week, it's worth mentioning some worrisome revelations from China as the country has yet to decide whether to shut down a Binance office in Shanghai.

Bitcoin is currently moving around $7000 which seems to be a strong psychological support. If the price breaks below it, then a move toward $6500 could be expected. Moreover, bears seem to have an advantage and are being supported by the two moving averages presented in the chart above. Nevertheless, should bulls take control anew, then one would anticipate a rally toward $8200 or even higher toward $9400. Source: xStation5

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Historical pattern:

Looking to the past one may notice that Bitcoin tends to follow a similar pattern. After it dropped almost 43% in November last year, it then rallied as much as 34%. If this pattern is to repeat, Bitcoin could fall to $6500 and then rebound sharply back toward $9050. Source: xStation5

Stellar/Bitcoin has been falling so far this week and it seems to have found a support in the form of the lower bound of the overbalance structure. If it breaks below this line, a move toward $0.068 could be on the cards. On the flip side, once bulls take control, a corrective move to $0.0875 looks possible. Source: xStation5

Crypto news:

  • Some investors claim that declines seen in the crypto market this week have been spurred by false reports coming from China suggesting a shutdown of a Binance office in Shanghai. Although it was denied by the exchange’s authorities, the report sent cryptocurrencies plunging. Let us also remind that the authorities in Beijing encouraged market participants some time ago to inform about illegal activities regarding the crypto industry. The latest information suggests that as many as 39 cases have been reported to the PBoC. It may substantially affect cryptos’s pricing going forward.

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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