Bitcoin is Bouncing Around Searching for a Bottom

Bitcoin is Bouncing Around Searching for a Bottom

Bitcoin is Bouncing Around Searching for a Bottom

$BTCUSD, $CBOE, $CME, $GOOG

After a challenging Q-1, cryptocurrency investors are hopeful that the Death Cross sell signal has not crashed their market.

Recall, that Sunday, Bitcoin fell below $7,000, which saw the 50-Day MA cross below the 200-Day MA, forming a Death Cross that some technical analysts feared would accelerate the move lower.

But, that has not immediately happened, and the #1 digital currency has begun to move back North.

The cryptomarket looks green once again, the Death Cross for the Bitcoin price failed (as it often does), and now the 200-Day MA is the 1st challenge for the Bitcoin price

With Bitcoin now over 10% of its weekend low, owners of digital assets are hoping a bottom is in place.

Currently, Bitcoin is trading at: 7,424.9951,+86.9902 or +1.19%,as of 1:07a BST the market is open

Late Monday, Google Inc. announced that it has banned users from adding extensions to Chrome that permits cryptocurrency mining in the background, without the consent of users, a procedure known as cryptojacking.

“Over the past few months, there has been a rise in malicious extensions that appear to provide useful functionality on the surface, while embedding hidden cryptocurrency mining scripts that run in the background without the user’s consent,” wrote Google in a blog post.

CPU overutilization from hidden coin mining in an extension Google says.

Google added that 90% of all mining scripts added to the browser didn’t comply with its policies and said by late June all existing mining extensions would be removed.

The bounce in Bitcoin has driven other digital currencies higher.

Ether is back above $400, trading at $406.76, up 5.4%

Bitcoin cash is up 7.9% at $715.18

Litecoin has gained 8.9%, last trading at $129.67 and

Ripple is up 7.8% at 54 cents.

After closing lower Monday, futures markets are in the Green Tuesday.

The Cboe’s April (XCBF:XBT=F) is up 5.9% at $7,400 and the CME Group Inc. April contract(BTCJ18.CME) is trading at $7,400, up 5.9%.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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