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The market drops dramatically in 2019 Primo
On Wednesday evening, The Crypto Dog, one of the leading analysts of Bitcoin, took to his Twitter page, which has over 100,000 followers, to draw attention to the chart of Ethereum / USD, noting that something could happen soon. The graph, which accentuated the formation of the ETH wedge, indicated that a breakout (up or down) was planned.
Whatever happens, I think it could happen soon pic.twitter.com/NvhoThFldI
– The Crypto Dog📈 (@TheCryptoDog) 10 January 2019
A few hours after his tweet, Ether, along with BTC and the rest of the cryptocurrency market (except Tron & # 39; s TRX), began to plummet, practically out of nowhere. Crypto Dog later took his Twitter, writing "did" in a clear nod to his previous post.
At the time of writing, for Live Coin Watch data, BTC is down 5.2%, with the asset currently being found a support point at $ 3,850 a pop. This is the first time that Bitcoin is below the $ 4000 level, widely regarded as a key psychological level, since 6 January.
It is practically red blood across the board.
ETH reported a staggering performance of -6.66%, a nuance over double-digit losses, as the pre-eminent cryptocurrency corrects after its monumental recovery after hitting $ 80. The XRP effectively outperformed Bitcoin , recording a relatively strong 4.1% loss, rising to $ 0.3548 per token. Most of the other leading cryptocurrencies, with the exception of Binance Coin (-11%) recorded percentage losses in the medium-high single-digit range.
This broader market downturn, which some have claimed is a sudden merger, has brought the aggregate value of all cryptocurrencies to $ 130.6 billion. And unfortunately, this move is also supported by the volume, as exchanges have seen an influx of commercial pressure when Bitcoin has become for a short time a falling knife.
It remains to be seen if further falls are expected, but taking into account the volume, a move below $ 3,800 for BTC is not outside the realm of possibility.
Coindesk Cryptographic Analysis Team "Neutral To Bearish"
CoinDesk's market analysis team recently adopted Twitter to give an updated perspective on the price of Bitcoin, taking into consideration the recent hourly red candle. The branch of the encrypted multimedia output markets said they are "downside neutral", calling attention to the inability of BTC to exceed the 50-day EMA and the "neckline" of a month.
PERSPECTIVES: from neutral to bearish
BTC lost $ 300 in the last 60 minutes, validating the exhaustion of the bull, signaled by doji back-to-back candles.
The pullback was expected as discussed here https://t.co/k5geem6hSA pic.twitter.com/yw5jQFq33G
– CoinDesk Markets (@CoinDeskMarkets) 10 January 2019
Interestingly, the aforementioned market withdrawal was predicted by the team, which discussed the issue on Wednesday.
Bloomberg seems to be bullish on Bitcoin (Surprisingly)
Although the Coindesk analyst team has painted a short-term bearish future for the leading cryptocurrency, Bloomberg, which some have claimed is the anti-Coindesk, recently released a series of articles stating that BTC engineers they are beautiful and dandy.
According to previous reports, the GTI Vera Convergence Division should have been a "flash buy" last week, as the measure indicated that BTC had entered the "longest buying series in six months". A few days later, the outlet wrote that the Executive Directory Index had crossed into a positive zone for the first time since mid-November, "putting an end to the" very strong "series of Bitcoins."
Just today, the business-centric outlet explained that the GTI VERA Bands indicator, presumably widely used and respected, which tracks long-term trends, indicates that BTC is poised to mark the upside. For Bloomberg, the bands are starting to converge, presumably indicating that a price swing is being worked on.
However, considering that the aforementioned bit of analysis was released prior to the recent move, perhaps the implied oscillation was one on the downside, rather than the expected drastic gathering.
Title Image Courtesy of Osman Rana on Unsplash
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