The inevitable callback has begun. The recession has quietly arrived. Bitcoin once again led the decline, falling below 5,000 dollars on the day, a drop of 6%. The question is where is it going to fall?
Is the small correction still falling sharply?
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Many cryptocurrency analysts say that before any real reversal begins, there will be a significant surrender in the price of the encryption market, and this decline may be the beginning of a reversal of the trend. If you compare the price chart for 2015, you will find that the similarity between the two is very large.
If the same happens, Bitcoin will fall back to around $4,000 or even lower, which is called the ultimate surrender. However, this will also trigger a large influx of buyers, push the price up, and break the resistance level of the current moving average, realizing a long-term reversal.
Password trader Josh Rager expects more horizontal deals before the Chicago Mercantile Exchange (CME) futures expire later this month. The long-term accumulation period is also expected to be extended, and some even expect that there will be no real upward momentum even later this year.
"Bitcoin futures will expire on April 26, and there may be some horizontal fluctuations in BTC prices in the weeks before this – Josh Rager (@Josh_Rager) April 11, 2019"
Others are more confident that the market will not fall back to a new low. A few months ago, several analysts had predicted that oil prices would fall sharply to $2,000 or lower, but these predictions seem to have failed.
Technical analyst Alex Kruger expects Bitcoin not to fall so far, and the main support will remain around $4,600, which is where the 200-day moving average is cut.
"Coinbase shows a bitcoin high of $5,489. Don't worry that the price will fall back to $4,000. Support is as follows: $5,000, $4780-4680, $4,450 (200DMA), $4,400, $4,200; resistance: $5,350, $5,500, $5,750 (weak), $6,000, $6,400. — Alex Krüger (@krugermacro) April 11, 2019”
Total market value loss of 18 billion US dollars
The decline in the price of the currency is directly reflected in the overall market value.
Since the record high of $185 billion in 2019 on Monday, the encryption market has so far sold more than $18 billion. The altcoin fell the most, with Litecoin, Bitcoin cash, Bitcoin SV and Ethereum classics falling by double digits. As of now, the encrypted market value has fallen to a low of $168 billion this week. However, the volume of transactions in the encryption market is at its highest level since the bull market in 2017, with daily trading volume reaching $60 billion.
Remarks: Bitcoin86 manuscript article, please indicate the source. The article is an independent view of the author and does not represent the standing position.