After a long Bullish trend which almost remained for 2 months, finally Bitcoin went into strong trend. Having touched the ATH of $20000 Bitcoin fell by almost $7000 in last 4 days and currently trading at $13000.
Well, this seems very odd, especially after the CME Futures Trading Initiation. Basically, CME is an exchange for Institutional Traders and Billions of dollars are being traded every day in there. Whenever Institutional Money flows, it tries to control things and that exactly happened with Bitcoin.
CME each futures contract holds 5 Bitcoin and if a group of Investors have 'shorted' Bitcoin on CME, then BTC would definitely fall irrespective of buying pressures from small Retail traders/investors.
Following this Bitcoin downtrend, Market capitalisation fell under $500 Billion and Bitcoin capitalisation is under $225 Billion.
Let's have a look at Bitcoin's Latest Chart:
In above chart, you can clearly see that Bitcoin has fallen below every strong strong resistance level and right trading at $13500 as per Coinbase Exchange.
If this panic sell maintains with same severity, we could see the next strong support at psychological level of $10000.
A lot of market experts signaled this situation at the time of Strong Bullish uptrend but people never believed them but again this correction was somewhat necessary for Bitcoin to go long in near future. That's how market moves and always will.
I would recommend all traders to use tight stop loss while initiating any trade for a safe trading.
Thanks for reading ...!!
Follow Us On Discord and Become a part of ADSactly.
Upvoted. Thanks for sharing. Keeping a close eye on the market. Hoping the bleeding will stop soon.
The bull needs some break, but will be back even stronger :)
Good time to pick up 'cheap' BTC.
I was a very disappointed this morning when I saw the fall by about $6000 plus , I really need to get a good knowledge of how the market works.
I could see strong upward movement if it goes anywhere near to 10k mark. Pretty sure lot many are eyeing on that level and we'll see strong buy calls from there.
Watching it closely... :)
i believe market sentiment might be switching , i just triggered my first position and did some Technical analysis to explain my reasoning .Might be something you can relate to here you go check it out https://steemit.com/bitcoin/@jsonkidd/btc-technical-analysis-update-22-12-2017