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7000: last station or not?

Dec 16, 2019

Last week, the BTC struggled for the most important psychological mark of 7000. So far, the bulls manage to restrain the sellers pressure, but the situation can change at any time.

There is a huge number of open long positions on the Bitfinex exchange (43,000 long contract contracts vs 8,000 shorts) and every day the value breaks new records. This situation is very dangerous, since any sharp price movement can provoke chaos and extremely large liquidation.

It remains to believe that the 7000 level is a maximum barrier and from this value we will go to growth.

The Istanbul hard fork on the Ethereum network was the main event of the last week. Everyone expected a trading activity surge and a rise in prices, but market players were only able to reach 151 USDT per one ETH and within a week the bears returned the price to the level of 140.

This level is a strong resistance, a return below this price will open the way to 130-135.

Last week was also full of good news about new projects and collaborations. For example, Nike decided to issue its coin and create a community that will develop this area. Such a step will help the development of the blockchain field in the real sector. The IOTA cryptocurrency project will begin cooperation with DELL, which is also a good sign for the future recognition of the cryptocurrency market in the world.

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