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The inevitable setback has begun and the cryptography markets are retreating right now. Bitcoin is lowering them because it falls below $ 5,000, or 6% of dumping, the same day. The question now is how far will it go?
Minor withdrawal or major correction?
A number of analysts had predicted a major capitulation before the start of a true reversal of trend, which could well be the beginning of it. Looking at the charts of the last bear market cycle in 2015, they are virtually identical to the models that are emerging this time around.
If the same scenario materializes, Bitcoin is about to return to around $ 4,000 or less in what has been called a final surrender. This will trigger an influx of buyers to push up prices and resist current levels resistant to moving averages to mark a reversal of trend in the longer term.
Crypt trader Josh Rager has scheduled more side transactions until CME futures expire later this month. A long accumulation period has also been forecast, with some not expecting a real upward momentum towards the end of this year.
$ BTC could see some side actions in the coming weeks until the expiration of Bitcoin CME Futures on 26/04
We do not expect fireworks yet, but that's only one scenario and it's a volatile asset
This cycle of accumulation can take a lot longer than most people think pic.twitter.com/nPYLOFV4IB
– Josh Rager ? (@Josh_Rager) April 11, 2019
Others are a little more confident that the markets will not fall back to new lows. A few months ago, several analysts predicted a massive landfill of up to $ 2,000 or less, but these notions seem to have dried up.
Technical analyst Alex Krüger does not expect Bitcoin to retreat as long as there is significant support, still at $ 4,600, a 200-day moving average.
The high price of Coinbase was $ 5489. Do not expect a decline to $ 4000. Too deep.
– Supported: 5000, 4780-4680, 4550 (200DMA), 4400, 4200
– Resistance: 5350, 5500, 5750 (low), 6000, 6400 https://t.co/IbAe07wTEZ– Alex Krüger (@krugermacro) April 11, 2019
Total market capital losses of $ 18 billion
This feeling has been picked up by other traders looking at market capitalization as a whole;
Chances are that it will bounce back very soon. If you still hold, I will not panic and not sell here.$ crypto pic.twitter.com/secIs3gwrr
– The dog Hodlonaut? (@TheCryptoDog) April 12, 2019
The crypto markets have dumped more than $ 18 billion since their peak of $ 185 billion in 2019 on Monday. The Altcoins are currently serving their sentences with several, including Litecoin, Bitcoin Cash, Bitcoin SV and Ethereum Classic, recording double digits on the same day. Markets have reached their lowest levels for the week with a total capitalization falling to 168 billion dollars today. One of the key points is that the total volume is still at its highest level since the 2017 bull market, with nearly $ 60 billion traded per day.
According to TradingView, Bitcoin fell to a weekly minimum of $ 4,940 a few hours ago before rising slightly to under $ 5,000. The BTC RSI chart on the daily chart has now fallen below 70, which could slow down the sell a little. The next few hours will be crucial in determining whether this is a minor withdrawal or a major correction that could be the catalyst for final surrender.
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