You will agree with me that Bitcoin price is trying to penetrate the resistance at $6,550
Bitcoin price is bouncing between the support levels of $6,242 and the resistance at $6,550, revisited six times in two months. Analysts predict that when the resistance will be penetrated, bitcoin price should test new one at $7,100. With the use of technical indicators, we were able to spot several resistance levels for bitcoin price. Surfing the web, we came across may blogs regarding Bitcoin talks where users are losing faith. I always emphasize on many articles that Bitcoin price can’t be pushed only by trading volume. Fundamental news and positive articles will always move Bitcoin price higher than just trading. If you’re not familiar with Bitcoin price action, I will give you an example.
Most of our readers know what NFP is and for those who don’t it’s the Nonfarm Payrolls. This is the biggest fundamental event for USD where volatility is massive once the report is released.
News, Articles and Trash Talks is Impacting Bitcoin Price on Negative Values
Many of you are following news and read articles regarding Bitcoin and other cryptocurrencies. HEADLINES and BRAKING NEWS stories made for the sake of publishing an article with misleading information is a common practice. Probably you might not understand why Bitcoin price is declining. Hopefully at the end of this article you will understand better why mainstream media is providing false information.
Let’s assume you want to buy a product from eBay or Amazon and changed your mind after seeing negative reviews. Its normal to take such decision. However, not always the comments are real and competitors with similar products might influence the outcome of comments. What I mean is they create some accounts and trash talk about the product so they can sell theirs. Likewise, mainstream media and newspapers can manipulate real facts in order to shift opinions and beliefs.
Bitcoin Price is Like a Yo-yo
Considering the above comment let’s understand why mainstream media and newspapers are doing such a thing. When you have people searching the web for Bitcoin price or any other cryptocurrencies you want more RATING” for your website.
In order to get more traffic mainstream media, publish articles regarding Bitcoin price or any other HOT related subject. Most of the articles shift readers believes by writing bad things about Bitcoin price and other cryptocurrencies. Not all mainstream media website is trash talking Bitcoin and the reason behind it is because they have a massive user database.
I hope you understand that young websites need readers in order to be among first 5 positions when google searching about Bitcoin price. Such websites will publish anything related with a hot subject like Bitcoin.
You are familiar by now with headlines like Bitcoin price HACKED or Bitcoin price SCAMMED.
Seeing is Believing and I Encourage you to do your OWN Research Regarding Bitcoin
First and foremost, let’s try to identify the best cryptocurrency news websites. First website is Investing.com, one of the oldest financial website where you can find real Bitcoin price talks.
Second is coinmarketcap.com, where Bitcoin price is updated every minute and contains many technical tools. The quotes are obtained from major cryptocurrency exchanges and it have a 95% accuracy for Bitcoin price and other tokens.
Last but not least, coindesk.com where all subjects regarding Bitcoin price, blockchain technology and other crypto related are covered on daily basis.
I’m not saying that you have to dismiss SCAM or HACK warnings but remember to always do your own research. The threat of being scammed is real especially if you decide to invest in Bitcoin or any other cryptocurrencies.
Guide Lines to Follow or Avoid When Dealing with Bitcoin
Make sure you follow the real Bitcoin price before deciding to believe a “STORY” from one of the well-known investment websites.
Bitcoin price, much alike NFP becomes very volatile when positive or negative news and announcements are published.
If you decide to invest in Bitcoin price or another crypto make sure you understand why they were built in the first place.
Never assume or lose faith in your favorite crypto or Bitcoin. Remember that history repeats itself and what goes down will eventually go up.
From technical point of view Bitcoin price might break the first and second resistance levels by the end of this week. For that to happen we need the fundamental side of the trade to be in check. That means less bad news and more positive ones for cryptocurrencies and Bitcoin.
Bitcoin price might hit $15.000 by the end of the year as per many analyses done by investments banks and crypto exchanges. However, we are still waiting for EFTs on Bitcoin and other cryptocurrencies.
The governments delayed it long enough and is nothing they can do to stop blockchain development or the growth of technology.
If you believe in the future, then support your favorite cryptocurrency or Bitcoin and remember that our current financial system was not build in 10 years.