The largest cryptocurrency fell 4.4 percent to $46,588 (about Rs 34.6 lakh) on Thursday, with other tokens including Ether slipping behind with the Bloomberg Galaxy Crypto Index. The decline shortened bitcoin’s rally from its July lows by nearly 60 percent. As of 11 am (IST) on August 27, the price of Ether in India was Rs 2.44 Lakh and that of Bitcoin in India was Rs 37.09 Lakh.
John Bollinger, the inventor of Bollinger bands, suggested taking some profit or hedging in a tweet. Katie Stockton at Fairlead Strategies cited the DeMark market-timing indicators indicating about two weeks of prices “ranging from sideways to low”.
A so-called point-and-figure analysis – which uncovers the direction of the price without a time dimension – indicates that bitcoin faces a challenge to the $50,940 level at closing. . Failure to break the 45-degree trend-line on the point and figure charts can be seen as a sign of a consolidation in the bearish.
The cryptocurrency market has been witnessing a steady improvement over the past few days. But since the beginning of this week the prices have started coming down again after rising to a point. While one and all coins registered a decline, Cardano’s price registered a significant increase on the contrary. The crypto market is a market of volatility, so it is not easy to make accurate predictions for it, this fact has been proved even after the market crash of May.
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