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Bitcoin and altcoin suffer significant losses, currency pairs set new lows
Hello, my name is Andrew Strogoff and I will give you my point of view on the situation of the cryptic market today. As far as you can see, everything goes down. Bitcoin and altcoin have suffered significant losses. I have studied the news thoroughly in an attempt to find out what is happening and I have not seen any clear reason for the downward trend.
As I told you before, the reasons could be the psychological meaning that market participants are afraid of something and get rid of their digital resources. However, I also think that whales can drive the price to afford to buy lower.
As for events, I would like you to pay attention to the following information. Blockchain data is legalized in Ohio. The other states consider doing the same This is a very important step on the path to technology adoption.
Another interesting news comes from Japan, where a local student creates an application to help voters and politicians communicate. The main objective of this PoliPoli app is to allow voters to speak directly with politicians.
Bitcoin (BTC / USD) makes new lows
Bitcoin has suffered significant losses in the last 24 hours. You can see it on the chart. The price of BTC is lower than the red descending trend line, in the sense that the bears are controlling the market again and have the power to develop the downward trend. However, before they try to push the lower price, I think the correction is necessary.
If we look more closely at the four-hour chart, we can see that the price has reached the support area at $ 6.510. BTC / USD recently passed a couple of supports including $ 6.943 and $ 6.701. The currency pair managed to break through the red downtrend line recently, but it came back, repeated again and lower again.
Now, I think, Bitcoin will again make a correction towards this red descending trend line. The nearest target for the currency pair is the resistance area at $ 6,701. If tested successfully, the bulls will be able to move further and develop this correction towards the red descending trendline and the subsequent endurance area further on.
However, if $ 6,701 disrupts the price of BTC from further growth, I expect the bears to push $ 6,510 to test this level and to develop the downward trend later.
Bearish trend of Ethereum (ETH / USD) at stake
Ethereum has declined and has suffered significant losses in the last 24 hours. ETH / USD lost more than six percent. This is the common trend for the cryptocurrency market currently. However, I think the bulls have to say their word before the bears are able to develop their progress.
Ethereum has reached the support area at $ 375.60. The currency pair has gone through a couple of supports in the last 24 hours as this bearish trend was strong and buyers had no chance to change the situation. The currency pair remains well below the red downtrend line.
I think the ETH / USD is about to start a correction at the time the ETH price has made a huge dive in the last 24 hours. This upward correction will point to the resistance area closer to $ 392.32 at least. If the bulls succeed in successfully testing this level and succeed in breaking the downtrend, it is likely that they increase the ETH / USD in new resistance areas.
However, the bears are still in place and I think they will try to push down ETH / USD after the upward correction. It is likely that they will test the support area again for $ 375.60
Ripple (XRP / USD), today's big loser, ready for a correction
Ripple has lost over 10 percent in the last 24 hours. The situation is truly catastrophic for buyers as the currency pair has gone through a couple of support areas without significant difficulties. This means that whales could push all currencies somewhere to have good buying opportunities at lower prices.
In any case, it is time for the bulls to get on the defensive. The situation is not favorable to them because bears destroy their defensive lines one by one. However, I think buyers can make an upward correction in the near future. Their goal is in the resistance area at $ 0.3934. I think the price will be there Wednesday-Thursday.
However, bears are too strong at this time. They have total control on the market and set new lows. I expect vendors to fight back after the end of this upward correction. This current support area is again pointing at $ 0.3503. If successful, bears will be able to develop their progress.
EOS (EOS / USD) serious decline, pending a correction
EOS has suffered significant losses in the last 24 hours, as you can see on the chart. The currency pair went through several support areas and jumped off the red descending trend line. However, currently, I think the correction is necessary.
EOS remains below the red descendant trend line and has reached the support area at $ 6.06. I think EOS / USD will probably start the upward correction from there by directing the next resistance area to $ 6.65 and the red downtrend line to test them.
Sellers are strong and I do not think they will simply leave the bulls behind. I think the bears will fight back once the correction is made and they will try to overcome this current support area for $ 6.06.
