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Despite The Hack Of Bithumb: Bitcoin Moves Smoothly To The Mark Of $ 7000

bitcoin price

Despite the extremely negative news, bitcoin price  is still in the uptrend and is heading to around $ 7000. 

Right after emergence of news about hack of the second-lagest cryptoexchange in South Korea, Bithumb (with $ 31 millions loose), bitcoin price fell approximately for $200(from $6740 to $6560).

Nevertheless, "digital gold" currently trading at $ 6,600 and is not going to radically change the direction of movement. The average weighted price of bitcoin in the last 24 hours has decreased only by 1.5%.

Currently, the bitcoin price is just above the 50EMA, which passes through the mark of $ 6545.

bitcoin chart 20-06-2018

The chart also shows the bullish reverse of the Rounding bottom. This, in particular, suggests that over the past 10 days, sentiment has gradually changed from bearish to bullish. The index of relative strength (RSI) also holds above the level of 50.00, being on the "bullish territory".

Thus, the short-term BTC/USD chart shows moderately optimism. However, a significant break in the upward movement could be the breakthrough of the local trend line.

Below, on the "older" timeframe, you can see the upward intersection of moving averages with periods of 5 and 10:

bitcoin chart 20-06-20181

This also confirms a change in sentiment from bearish to bullish.

Resume

Bitcoin price moves smoothly towards the $ 7024, with correction of 23.6% Fib on the context of the recent drop from $ 9990 to $ 6108. This level will open the way to the range $ 7500 -7600. There is a high probability that bullfighting will be short-lived, as long-term technical analysis data still indicate dominance of sellers. The break below $ 6510  can interrupt the short-term scenario with the dominance of buyers. Closing the day candle below the $ 6000 mark is likely to revive the bear market and will be a catalyst for further price pulls to the level of $ 5,000.

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