Bitcoin failed to reclaim the $11,000 threshold on August 19 and over the next two days tumbled to four digits once again.
In just a couple of days, Bitcoin shed roughly $1000 off its price, and at the time of this writing (August 22, Asia session) the top cryptocurrency is trading at around US$9,990 [AU$14,800]. BTC is down 2.19% on the day and 3% on the week.
Some crypto market experts argue that Bitcoin is in danger of repeating its 2018 market trend when BTC prices slipped to $3.200 from $6.000 price floor which at the time was considered to be unbreakable.
This summer Bitcoin is rallying very hard. After being rejected at $13,800 at the end of June, Bitcoin consolidated inside a multi-month symmetrical triangle which, considering recent price action, is possible to break down and send prices plummeting.
Symmetrical triangles are patterns which can break in both directions depending on price action and market sentiment.
On August 8th, Bitcoin reached $12,250 price where was again rejected, falling down to below $10,000.
Since then Bitcoin has been trading mostly above $10,000, reaching its highest price of roughly $10,920 on August 19.
Analysts believe that the current symmetrical triangle might break down, because “if bulls were indeed in charge” price “would have broken $12K on August 8.”
Again, I do NOT believe price can complete the symmetrical triangle. It does not make logical sense. Price would have broken $12k on August 8, 2019 if bulls were indeed in charge.
I foresee another Nov 2018 style dump pic.twitter.com/35kG2lGvtB
— ๑ THE CRYPTO PANDA ๑ (@PandaofBinance) August 21, 2019
While not an inevitability, investors are definitely considering the risk of Bitcoin repeating its 2018 fall.
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Besides just investing in Bitcoin by buying and selling the coins themselves, investors also have the option of Bitcoin futures trading, which enables them to realize profits not only when BTC prices rise, but also when they fall.
Futures trading can be an effective method of investing in the short-term, when even slightest Bitcoin price change can bring investors significant profits.
How does Bitcoin futures trading work?
The essence of trading futures contracts is the so-called “leverage” – the ability to control a large contract value with a small amount of capital.
Bexplus allows its investors to enjoy 100x leverage. To understand what that means, consider the following scenario:
Say you want to buy one BTC at a price of $10,000. To open such a trade on a fiat-to-crypto exchange you would need to pay the full $10,000.
If the price of Bitcoin goes up by 1%, your one BTC is now worth $10,100. If you choose to then sell your BTC and secure your profit, you will have made $100 from your original $10,000 investment.
Now let’s compare that to 100x leverage on Bexplus.
Thanks to the 100x leverage, you would only have to pay 1% to open the same trade, meaning that you would only need $100 (0.01 BTC) to open a one BTC position.
If Bitcoin’s price rises by 1%, you will still have made the same profit of $100, but at a considerably reduced cost.
Why Choose Bexplus?
There are several reasons why you should consider trading on Bexplus:
- Ease of use: Bexplus has its own trading simulator along with a simple and intuitive user interface, making the platform suitable for beginners in leveraged trading as well as more experienced traders.
- Many bonuses are available: Each user receives a 100% bonus, which can be used for trading. Thus, if you deposit 1 BTC, you’ll get 2 BTC in total. Profits gained by trading with the bonus amount are withdrawable.
- Variety of cryptocurrencies: Besides BTC, users on Bexplus can also trade LTC, ETH, XRP, and EOS. If you don’t have any bitcoins, you can buy them directly on the platform via the integrated Changelly exchange service.
- 24/7 support: If you have any questions, our support staff is always ready to help. Email us or send a message via built-in chat.
- Annualized deposit profits: On Bexplus, there’s a wallet which can earn you interest. Designed especially for beginners who are not very experienced in leveraged trading, the Bexplus Wallet can earn you 18-30% annual interest.
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