Crypto newsletter: Bitcoin hovers around $7000

Resumen:

• El "criptomarket" registra un claro retroceso esta semana
• El Bitcoin se acerca a su línea de soporte clave 
• Preocupantes revelaciones de China

Todo amante de los mercados conoce la expresión "después de la calma siempre viene la tempestad", la cual encaja perfectamente con el entorno de criptomonedas en las últimas semanas. Más concretamente, tras cotizar dentro de cierto rango lateral, se ha registrado un salto inusitado en los precios. El Bitcoin casi alcanzó los 10.000 USD, si bien poco después empezó a perder fuelle gradualmente. Así mismo, recientemente ha ralentizado su progresión bajista, rompiendo mínimos del último mes. En una panorámica general de este mercado, cabe mencionar algunas inquietantes declaraciones por parte de China, en las que la región mandarina baraja la posibilidad de cerrar una oficina de Binance en 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

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.