The hits keep coming for cryptocurrency this week, with a deep sea of red this morning leaving almost every alt coin at a negative double digits. No particular news appears to be driving this drop.
Tether, continuing to shrug off its many concerns about audits and fund security, is the only thing not showing a drop this morning which is of course entirely expected for a pegged asset that is not traded speculatively. (It would be nice to see SBD used for this purpose!)
Bitcoin itself dumped another 10% over night before staging a modest recovery on very little volume (pictured, blue arrow.)
Grim though this may appear, we are still in good shape as long as we are well above our temporary previous low of $6000.
My hope is we are painting a larger, if slightly asymmetrical, reverse head and shoulders pattern on the Bitcoin chart. By retesting the $8000 area, we are hopefully confirming the right shoulder and laying a final base for price to make a new run for previous highs.
We'll have to wait and see if that pans out.
Bitcoin Cash is testing critical lows from the drop after December's run to $4100. Bitcoin Cash needs to hold above the low drawn at the hypopthetical reverse head in the following chart:
As you can see from the orange-circled region, Bitcoin Cash is right in the action zone. It can't afford any more than another $100 of selling, tops, without breaching the hypothetical reverse head and shoulders.
With any luck, the selling pressure has been exhausted and cryptocurrencies can renew their bull trend from a far stronger base. Anything under $8500 BTC is as good a price as one might expect.
This is not financial advice - do your own due diligence.
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Sources: Google, Discogs, Cryptowatch, Bitfinex, CoinMarketCap
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This comparison is spreading like fire, will it become a self fulfilling profecy? or will the elites trick us again and slaughter us?
The last phase of the decline is the puking phase. It sure seems like the market is ready to throw everything away.
I thought we were out of the woods on March 1st, but I was wrong.
The day we feel like giving up and swear never too look at cryptos again is the day it will all turn back. Now it sure looks like there are many more days of suffering ahead.
The elites have all the control in this market!
Yes it does seem that there will be more days of suffering ahead, but once we are in the clear then it will raise quicker then we expected
I hope the end of the year will compensate for this rough start. I'm tired of seeing all this red.
Just HODL!
https://steemit.com/cryptocurrency/@n00ne/why-is-cryptmarket-today-in-red-numbers
Good post
Thank for sharing
Esteem bitcoin very good.
LTC seems ok ;)
Thank you it,s help me...
very nice
It always makes me wonder if there are bots trading billions of dollars when I see all the same exact trends for each coin in the market! What are your thoughts??
Inflation of digital currency is done through the multiplication of currency's in the existence
Thanks for the update @lexiconical. Yeah the market is quite down lately and the graph shows it specially the top 100 alt coins. I think we should see this as an opportunity rather than a loss. That's how I feel about it.
Thanks for the information, yes I wonder why SBD isnt used as a pegged asset...
All caused by FUD even the mtgox sell off should not have rocked the price this week as that was a past event XEM has only rebounded as it was heavily oversold.