Manoj B Rawal
Independent Analyst
- More than half market cap lost in first quarter.
- Key technical fight between bulls and bears would decide future trend.
Bitcoin the king, lost more than half of its market capitalisation in the first quarter of 2018 after a stellar 2017 that saw prices rise more than 2000 percent in a bubble like flare up. Can it regain its lost momentum or would it continue to go downhill is something a very technical question.
As reported by this author in the last two days, BTC has an epic battle between bulls and bears wherein it could easily lose half of its value from current levels or reach past its all time highs, all in quick time. (Read those stories here and here)
BTC is trading up 0.2 percent at $6,950 and facing resistance at $6,975 and $7,160 levels on the intra day charts while the supports are around $6,739 and $6,554 levels. For bulls, though $8,000 - $8,300 levels needs to cross to win over bears while for bears to gain control, $5,800 - $6,200 is key area.
BTC/USD daily chart:
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