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Recently, the price of Bitcoin has fallen sharply, from a minimum of 3,894 US dollars on March 26 to a maximum of 8,366 US dollars on May 14, which has increased by nearly 120%, and then fell to 6913 US dollars on May 17. In just three days, it fell by 17%.

Basic analysis

I have read a lot of reports and guessed that the reason for the sudden rise in the price of the currency is mainly due to the increase in recognition and the halving of circulation in the next year. Some reports indicate that investors are buying Bitcoin to hedge their risks due to uncertain economic prospects.

Looking at the past bitcoin price and the trend of the US stocks are somewhat consistent, so the purchase of Bitcoin can safely say that it does not agree; for the increase in recognition, the circulation will be reduced by half the price of the currency next year, of course, yes, but believe the sudden rise should be caused by events and news.

I saw an article today, and some opinions are worth sharing with you. First, Negocie Coins, the Brazilian exchange, recently traded Bitcoin at a premium of 3% to 6%, pushing the price higher.

In addition, BitMEX, a futures platform for cryptocurrency, lost nearly $50 million after the April Fool's Air Force massacre. Therefore, the short-selling rules were re-changed. The original option to sell for a few months (empty) is now restricted to investors. The short position of 7 days in the warehouse, and the execution price is only the current price of plus or minus 500 US dollars. As a result, the profit margin of shorting bitcoin has been sharply compressed, and the possibility of a sharp drop in the price of the currency will be reduced.

Then, due to the earlier that the hacker had stolen $40 million from Binance, the deposit was suspended and reopened on May 14. The price of the currency fell.

Technical analysis

My view on the medium and long-term currency prices is temporarily unchanged. I believe many people are like me. However, many people have been shocked and sold because of short-term currency changes. Where do we look at the short-term trend, first look at the day chart of the TradingView.

Capture_91.JPG

In the past three days, the currency price form formed the morning star, and the currency price situation was good, and the decline after May 14 was suspended.

Look at the six-hour line provided by Bitcoinchart (TradingView has only a four-hour line chart).

Capture_90.JPG

It can be seen that there is a large volume that pushes the price up to $7,958.

According to the current chart analysis, there are two possibilities for short-term (7 days). One is that the price of the currency fluctuates between $7,200 and $8,400, or the price of the currency breaks through $8,400.

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