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Bitcoin under $ 3,500 could cause problems


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From CCN.com: in the last 24 hours, the cryptography market has declined slightly from $ 224 billion to $ 219 billion, while the price of Bitcoin has dropped to $ 3,500.

Previously, traders said a fall below $ 3,500 could bring the price of Bitcoin to test key support levels in the $ 3,000 region.

Where is the Crypto market

On Sunday, the crypto market underwent an unexpected secondary correction as cryptographic assets like Ethereum, Bitcoin Cash, EOS.

Graph from TradingView

DonAlt, a cryptocurrency trader, said a short-term fall of $ 3400 is a likely move for the dominant cryptocurrency.

He said:

Perfectly answered at the drawn level. $ 3,500 has already worked as support 3 times if it's hit one other time I expect it to break. Finally it comes close to a level ($ 3,400) that I could exchange again. Until then still sitting tightly covered.

A continued decline in the price of Bitcoin in the lower region of the $ 3000 region may result in a larger downward movement for key cryptographic resources.

The day, Ethereum, which fell under Ripple and became the third most valuable cryptocurrency in the global market, fell more than six percent against the US dollar.

Hsaka, a technical cryptocurrency analyst, said the three percent drop in the price of Bitcoin could lead to a further decline in value, but it is unlikely to bring the asset to test its 12-month low at $ 3,122.

"Yesterday, he sold the rally analysis as a beauty, bouncing off the support level $ 3.3030, taking the lows (green dashed) of this consolidation, Neutral here, not short of HTF support. BTC, holding ADA and BCH, "the analyst He said.

Volatility in a low price range

In recent weeks, analysts such as Willy Woo have predicted that the bear market would extend in the first two quarters of 2019.

On January 2nd, a cryptocurrency researcher with an online alias "The Crypto Dog" He said whereas while the cryptocurrency market is close to a minimum, in the short term the market will not see any new highs of significant rallies.

"BTC has mostly touched the bottom (it might even have put the final minimum in), but we will not see a significant rally or new highs for a while, so there's not much to be excited about. Greetings to a boring 2019 ", said the researcher.

Analysts generally believe that the cryptocurrency market is about to see a tedious year in 2019 in terms of trading and volatility. Although the cryptocurrency market showed a relatively high level of volatility in January, most cryptographic assets, including Bitcoin, remained in a narrow price range, unable to exit key resistance levels or fall below major levels support levels.

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