Sell Bitcoin now

Published February 1st, 2018

In less than a month, the euphoria of the Cryptocurrency market has turned into strong fear and pessimism.

In early January, Investtech's short term hausse indices for the Cryptocurrency market were far above 90 points, indicating exaggerated optimism, with investors having lost all their inhibitions. Yesterday the hausse index broke downward below 20 points. This shows that 80 per cent of cryptocurrencies have triggered short term sell signals, and it indicates that a great majority of investors are afraid prices will continue to fall.

The downtrend has occurred on high volume, which shows that many investors are pushing hard to get rid of their coins. Illustrated by the best known cryptocurrency of them all, Bitcoin, we see that the price is now in a falling trend channel, has broken downward through previous support levels, and has a long way yet to fall. The price can easily fall 25 per cent down to 7,400 dollars in the next week, and down to 2,900 dollars (70 per cent) in half a year.

Investtech's recommendation: Sell Bitcoin.

Bitcoin (BTC.CPT) Close: 10 178.00

The analysis is based on closing price Wednesday January 31st 2018.

Investtech launched Cryptocurrency analyses earlier this year with daily analyses and recommendations of the 300 most central cryptocurrencies. Read the article from the launch here >>

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Espen Grönstad
Partner & Senior Advisor - Investtech

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