It's been so long since we witnessed the "bloody Monday" phenomenon that, even though everyone is aware of the bear market we are currently in, yesterday we caught many of us by surprise. The day began with most of the altcoins bleeding decently before the gentle trickle turned into a real bloodbath.
You could see strong red candles all over the market and we were able to see the entire crypt of the encrypted market fall below 200 billion dollars for the first time since almost a year ago. The USDT managed to overtake Cardano with its market capitalization, and all these signals are clearly showing that we are getting a lot closer to price capitulation. Let's take a look at how the market leaders overcame the last massacre.
WBM_Team for today's analysis of BTC:
"So the weather is hard. The bad news is that we have to wait, but the good news is that There's a lot of room for further descents – we still think we're not going below the $ 5800 level, but until then the price can fluctuate and we have to be PATIENTS – that's the key. "
people not to make frantic movements, they reminded us to pay attention to the bigger picture to be ready to bounce. The sentiment is really rather desperate at the moment and the price will move upwards when optimism arrives. They also included this chart and following TA:
"First of all, we're almost $ 300 dollars under TenkanSen. As we claim, over that forever level (more than 1 bar for sure) is a time to enter Not earlier.
Also, there are too many shadows on the recent bars It seems that the bulls have no more strength in favor of the bears
MACD has taken a turn but it is very far from the bull's cross – we simply have to wait .
RSI looks pretty good as it is heavily oversold but … we can stay in that state for a while so do not get excited
Weis Volume Indicator says it all.We have a huge red wave and only a small green bar.We have to wait for an inversion of such a situation.In other words, the supply should decrease and at the same time the demand should arise. "
So the market could be rather horrible at the moment, but after all this is a jo co long-term.
Ethereum went much worse than BTC and, being the main plateau, has pretty much set the tone for the rest of the market. With this latest decline of nearly 20%, ETH is down 187% compared to its ATHs. We checked what TheChartGuys had to say about its technical aspects:
"ETH last night was in some of the most extreme oversold conditions we have seen in 14 months. Hourly single-digit RSI, 4-hour RSI 12, Daily RSI 17. We clearly have an influx of supply while ICO -8.00% projects are unloading and adding panic – bears have complete control, but I personally would not dare enter a low level at these levels. "
So for Ethereum things look rather gloomy, given that the market is completely dominated by sellers. Analysts believe that once the balance between sellers / buyers will change we will see a slight rebound, but much will also depend on BTC which will regulate the appropriate mood.
As for XRP, traders are very divided on it at the moment. Some believe that no support has remained and floats in no-man's land, trying to find out its price. Others are still bullish, as at least they expect a short-term recovery:
"since June 22, XRP vendors have tried to break through a major price zone of $ 0.43-0.48 and lower the price to the liquid zone by $ 0.23 to 0.25. The two previous ideas ("Juicy Short" "I do not believe in the long global" are over and it's time to look for opportunities to buy this coin. 23-0.25 $ Of course, there may be low bankruptcies and consolidations going out of this zone, I will correct the idea in a more deterrent way regarding the trading of this currency: after a sharp decline, I I'm looking for a rebound at $ 0.33 to $ 0.35 and then I want to see an aggressive reaction from buyers on the global growth of this currency " published petro90 on TradingView.
Bitcoin Cash (BCH)
The analysis of Bitcoin Cash was provided by investorgains and was rather concise:
"A lot of Shitcoin will die, but this will survive"
His feeling is probably correct, unless Bitmain decides to unload his 600 million dollars of BCH on the market.
Stellar Lumens (XLM)
Stellar Lumens was analyzed by Tr TotoParasca of adingView:
"XLM is in the upper line of the downward trend There are high chances that it will fall even further, perhaps it could retreat.There are prospects for an inversion, but the news environment must change for that to happen, and it has not happened yet. "  Conclusion
Clearly the market is still too weak to expect any form of recovery. BTC's dominance is increasing day by day, as the investor's positive sentiment continues to fall. This is a bit good, as weak hands will be shaken down the road and stronger levels of support will form. For now, the feeling is that we are finally starting to capitulate; we'll just have to wait and see where the capitulation ends.
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