25.06.201812:32 Forex Analysis & Reviews: Bitcoin analysis for 25/06/2018

Despite the fact that Bitcoin was found dead over 300 times, according to various websites list of obituaries (the cryptocurrency "died" 315 times, of which 69 times only this year), the current bear market is not a funeral for Bitcoin.

To confirm his statement, let me present three key factors. First, please notice that market sentiment is approaching the lowest levels, which means that the trend will probably reverse.

Bitcoin, currently trading around the level of $5,881, has been steadily declining since reaching the highest level of $ 20,000 in December 2017. Even so, I would like to draw attention to the fact that Bitcoin is still at the same level as in November 2017, while a year ago its value was 60% lower - around $ 2,500. Japanese financial services agency sent business improvement orders to six domestic exchanges although this will be a bit difficult in the short run, it will make the stock exchanges more solid for a longer period.

And last but not least: the announcement of Mt. Gox will return funds to his clients and start civil proceedings (this was after a hacker attack, which robbed $ 473 million at the end of 2013. As a result, the attack on Mt. Gox was considered to be the biggest hack in crypto history, up to this year carried out on Coincheck, which value reached 534 million dollars).

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market has made a new swing low at the level of $5,742 and then bounced impulsively towards the weekly pivot at the level of $6,223. The low at the level of $5,742 might be the bottom for the whole downward corrective cycle labeled as the wave WXYXXZ on the chart. Nevertheless, this bottom still hasn't been confirmed yet, so the global investors need to wait for the bulls to break through the level of $6,800 in impulsive fashion. The growing bullish divergence between the price and the momentum oscillator support the bullish bias.