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Bitcoin may still have to fall
As Ethereum World News has just said, the cryptocurrency market has not been very active in recent years. As a result of documents from the New York Attorney General's Office revealing that Tether (USDT) and Bitfinex are probably on the financial gem, Bitcoin (BTC) has fallen dramatically. 30 minutes after the release of the report, the BTC rate dropped by almost 10% to just below the resistance of $ 5,000, at $ 4,950.
Although bitcoins and other crypto-currencies have recovered somewhat since the BTC market found support in the range of $ 5,100, one analyst worries about the possibility of an even larger decline.
Financial Survivalism, the self-proclaimed "precursor of the financial revolution" and a leading cryptocurrency dealer, recently reported that the current structure of the Bitcoin market was very similar to what it had experienced during the early collapse. December. The only difference is that the graph (and the indicators) are reversed. As Survivalism, which firmly believes that Bitcoin could display prices below $ 2,000 before a rebound that melts the face, recently explained, the recent action of indicators of sequential and relative strength index ( RSI) TD seems almost identical to that of early December, but totally reversed.
Thus, if history is tracked, Bitcoin could experience a "prolonged consolidation period" ranging from $ 4,200 to $ 5,800. He adds that if BTC is $ 4,700 below the exponential moving average of 50 days and 200 days, the golden cross would be considered invalid, opening the way for a possible downward movement.
It is unclear whether Survivalism thinks that BTC will be moving towards the end of the consolidation period. However, as noted earlier, the analyst suggested that, if Bitcoin followed the Hyperwave theory, a parabolic trend to a massive reduction model, asset / market classes that can catalyze large macroeconomic changes tend to moment or another, $ 1,165 or even less before the next top move.
Survivalism, of course, is not the only one to be short-term bearish for cryptocurrencies. As Magic Poop Cannon explains, the graphical structure of Bitcoin, the 50-week exponential moving average, the 50- and 200-day moving averages, the Fibonacci retracement levels and the Relative Strength Index readings (RSI) are in fact identical to those observed in mid-July. Thus, Magic predicts that if a historical precedent is followed, BTC will trade between $ 5,000 and $ 5,000 until May 7, and then fall to its 0.618 Fibonacci retracement, which currently stands at $ 4,025.
Others remain optimistic
Some are convinced that BTC will do well in the short term, though. A merchant through "Mayne" on Twitter recently said that the "Bitcoin daily chart was not that bad." He explains that as long as the main cryptocurrency holds above the "gray", a range between $ 4,900 and $ 5,000, everything is O.K.
And the rapidly evolving sentiment about Tether's legitimacy would also support this cautiously optimistic narrative. As researcher Hasu notes, the fact that Bitfinex has plunged into Tether's reserves proves that the USDT is Actually argued, and that the stock market simply used bad business practices and / or was unlucky with its Panama-based payment processor / partner.
Photo of Gaetano Cessati on Unsplash
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