Saturday, October 19, 2019

Bitcoin deemed for bear market: Forbes Analyst

The Takeaway:

After a sharp decline towards the $7,800 level, Bitcoin has finally shown some growth from the past few days. Earlier this morning, Bitcoin broke the resistance level of $8,500 and moved upwards to $8,582 levels. The reason behind this surge in the price can be the 224 BTC that were traded on Bakkt's Bitcoin futures exchange. However, a Forbes analyst of crypto, Naeem Aslan, believes that things might change soon.

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After a sharp decline towards the $7,800 level, Bitcoin has finally shown some growth from the past few days. Earlier this morning, Bitcoin broke the resistance level of $8,500 and moved upwards to $8,582 levels.

The reason behind this surge in the price can be the 224 BTC that were traded on Bakkt’s BTC futures exchange. However, a Forbes analyst of crypto, Naeem Aslam, believes that things might change soon as the price has gone upward, and the 50-day SMA is about to go below the 100-day SMA.

According to him, this change in the SMA shows a bearish trend that can come in the charts and decline the price further down testing the major support levels again.

Bitcoin witnessed a 3.54% growth in the past 24 hours, whereas Ethereum noticed a 2.81% change in the price as Bitcoin trades at $8515 and Ethereum trades at $189, respectively.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Cheng Wei Chan
Cheng Wei Chan
Cheng is an AI & APP Engineer based in Taipei City, Taiwan. After completing his graduation in Computer Science from National Taiwan University, he dedicated his life into researching and writing about technologies such as blockchain, cryptocurrency, artificial intelligence and application development.

1 Comment

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