[ad_1]
Yesterday morning, Bitcoin rose from over $ 4000 to about $ 3875.
Then in the afternoon, it dropped again, up to around $ 3640.
This morning, traders remained to set a chart where the new lows went even lower in a 24-hour period.
The descent of Bitcoin was sudden – Yuval Gov to the Cryptopotato that can always count to provide solid technical analysis and in-depth coverage, perhaps he said it better:
"It's amazing how the earnings of two weeks went in just 10 hours," wrote Gov this morning. "The Bulls Walk Up the Stairs-Bears jump out the window."
Gov also said that the decline could be expected.
"As mentioned, the sharp decline could be anticipated, observing the number of short films against the long ones, which led to a long close".
This is a way to describe why Bitcoin is languishing under $ 4000, but from a long-term intuitive market point of view, it could be said that it's because there are not enough broader acceptance blockchain indicators this year.
However, the year is still young and many commentators have called 2019 the year that things happen for crypto!
Keep in mind that if at any time in the year Bitcoin values rise to over $ 5000 or $ 6000, today's value will be considered a fire sale.
In other news, the fall of Ethereum, ranked second in cryptocurrency, makes the loss of Bitcoin seem a slight abrasion.
In contrast, ETH, which was about $ 150 yesterday and now stands at around $ 125, looks a lot like a paper doll cut behind it.
"The ETH / USD pair recently failed to break the $ 150-151 zone and a bearish trend line," Aayush Jindal writes to NewsBTC, describing this disappointing performance. "It caused a strong downward reaction and the price fell below the $ 146 and $ 144 support." The sellers took control and pushed the price below the $ 130 level. It was also a closing below the $ 130 level and the simple 100-hour moving average A low was formed near $ 122 and afterwards the price began to consolidate losses. "
In the longer term, analysts expect the hard forks of Ethereum Classic to be planned by the end of this month to change ETH prices.
"The developers realized that the difficulty bomb programmed on Ethereum meant that the blocks became extremely slow after a point, after which it is not possible to extract more blocks", explains a January 8 article to Coinswitch.
"Developers must periodically make a forced fork so that ETH continues to be updated with the latest technology.Ethereum has already experienced a split once, which led to a strong loss of development fund loss and some were not in agreement on the reversal of any transaction, even if it was a hack, which led to the formation of ETC (Ethereum Classic) .The fork of Constantinople will implement some important changes related to the improvement of the performance of the Ethereum blockchain and the mining prizes mentioned in the Ethereum Improvement Proposals (EIP). "
Keep track of both these cryptic prices during the day to see if there is any correction.
[ad_2]Source link
