Market Review. Results of the Day. Panic. 02/06/2018

February 7, 2018


News review:

  • Bitfinex Exchange registers all-time high amount of long positions.
  • US Senate is discussing the future of сryptocurrency.
  • Baidu released a game with crypto dogs.
  • Coinpia cryptocurrency exchange has suspended operation due to inability to comply with new legislative requirements.
  • Facebook will not accept cryptocurrency.
  • Crypto-analogue of YouTube Lino raised 20 million dollars.

Changes (24h):

BTC $7,180

ETH $728.26

XRP $0.7089

BCH $891.40

 


Technical analysis.

BTC price today was at its lowest since November and it has been declining since December 17. Overall, the correction of BTC is 70% from its all-time high.

Since January 28, BTC trading volume has been growing, although the price has fallen by 50% and today it fell below $6,000.

Trading volume is at its highest since the beginning of 2018, though.

Probability of reversing is more probable from the current levels and the growth might occur due to closing of short positions. 

However, it is still too early for the change of the trend and it is reasonable to wait for a technical confirmation. 

 

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