The Bitcoin’s price seems to have a weak start for 2018. The price is not consolidated for the moment forming a descending triangular shape.
The minimum price value the virtual coin has reached lately is $12,500 and it has formed a support line there.
We will be seeing the following weeks if the cryptocurrency will choose the ascending or descending trend.
The medium move for 100 days is placed above the long term one for 200 days if we analyze the four hours graph. That indicator shows the fact that the coin could take back its increasing state.
The distance between medium moves is narrowing each day and that indicates an intersection of the two oscillators. Considering this case, bears momentum could pierce the support line.
The triangular structure has a height of approximately 700 dollars, therefore the decrease could reach the same heights, The medium moves are reaching the peak of the triangle, attaching an additional layer to the resistance.
The influence factors of Bitcoin
The US Dollar has been passing through a great period from the beginning of this year and the traders are waiting for a growth in federal rates after the USA tax improvements.
North Korea’s movements meant to discourage the virtual coin transactions are also influencing the value of it. The Asian markets continue to dominate the cryptocurrency world.
Bitcoin hasn’t succeeded in keeping its increasing state and hasn’t topped the $20,000 value.