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The weekly trading session in the United States has not yet officially opened, but the bears are already setting the bar very high, both in the traditional market and on the cryptocurrency, the futures contracts of the United States. Dow posting a three-digit dip and falling bitcoin price below support at $ 3,500.
Dow suffers heavy losses as US-China trade war results in government shutdown
On Monday, at 8:32 am (ET), the Dow Jones Industrial Average futures contracts had lost 193 points, or 0.78%, which meant a loss of 200 points at the opening bell. Futures on the S & P 500 and Nasdaq were also in the red, with the other two leading US equity indices suffering losses of 0.58% and 0.66%, respectively.
The Dow Jones Industrial Average (blue), S & P 500 (red) and Nasdaq (orange) futures all posted sharp declines before the opening bell.
All three indexes posted strong gains on Friday, propelling the stock market to its fifth consecutive weekly gain after the monster sell-off in December. The Dow finished the day up 184 points, while the S & P 500 and Nasdaq rose about 1%, a move triggered by the surprise compromise that temporarily ended the partial shutdown of the US government for 35 days.
Trump flirts with another (!) Government Judgment
However, US President Donald Trump criticized the rally on Sunday, explaining to The Wall Street Journal that a second break is "definitely an option" if Congress does not pbad a bill of approval. expenditures including the desired $ 5.7 billion funding from the current current resolution expires on February 15.
Caterpillar gains in the trade war
Caterpillar's disastrous profit report, which announced a quarterly profit of only $ 2.55 on Monday against badysts' $ 2.99, was also strengthened. Caterpillar shares plunged more than 6% into pre-market trade, further accentuating Dow's decline as industrial giant is considered a canary in coal mine for trade war currently the United States and China.
Bitcoin Price Careens Under Support at $ 3,500
The cryptocurrency market, while largely uninterested in the government shutdown, the US-China trade war, and other geopolitical concerns, has mimicked the carnage on Wall Street.
Until where can Bitcoin fall after a media level violation?
The price of bitcoin fell below support at $ 3,500.
Relatively quiet in recent weeks, the price of bitcoin has dropped from 5% in a day to a day's low of about $ 3,350 and currently stands at $ 3,415 on most cryptocurrency trades . The move was important since $ 3,500 had been used to support Bitcoin. However, technical badysts disagree about the importance of this level of support violation.
Mark Dow, a long-time bitcoin bearer, said recent movements in cryptocurrency are reminiscent of when his price remained steady at around $ 6,500 for several weeks before it fell sharply. "Based on the motive[,] it's a safe bet that we will soon have a similar, similar fall, "he wrote on Twitter," perhaps even started tonight. "
#bitcoin remained silent for several weeks at around 3,600 people. The last time Bitcoin was silent, it was at 6,500, it ended disastrously. Based on the pattern. it's a safe bet that we'll soon have a similar, similar fall – maybe even started tonight. $ BTC $ XBT
– Dow (@mark_dow) January 28, 2019
In contrast, eToro Senior Market Analyst Mati Greenspan claims that US $ 3,500 represents an intermediate support level, but the bitcoin price has not been exceeded compared to the broader range of 3,000 to 5. 000 USD for several months.
"The cryptobadet movement is only technical. There is no need for overreaction here, "he said in a comment of the shared market with CCN. "Bitcoin continues to trade in the main support area between $ 3,000 and $ 3,500, in a wider range of $ 3,000 to $ 5,000, or since November 2018."
The market continues to adopt a wait-and-see attitude, while we expect the next catalyst to send prices in a firm direction. Among a number of recent false starts, it remains to be seen where this momentum will come from. In the future, the continued development of the industry will surely bring about a new development soon.
Altcoins bleeds as Bitcoin consolidates its market share
As this tends to be the case, the sale has altered the markets of the altcoin even stronger than the bitcoin. The price of the ripple (XRP) fell 5.77% to $ 0.292, while the price of Ethereum sank to 8.51% to $ 105.
The bloodbath was so important that the USD (USDT), with a market capitalization of $ 2 billion, today constitutes the fifth largest cryptocurrency.
The stellar price (in blue) and the bitcoin spot price (in red) were the worst performers in the large cap index.
Bitcoin Cash, whose 9.55% haircut lowered his price to $ 111, slipped under the rope. Other major cryptocurrencies with heavy losses include tron (7.25%), stellar (10.76%) and sv bitcoin (9.08%).
At the time of writing this document, the market capitalization of cryptocurrency amounts to $ 113.3 billion (or less, depending on the calculation of XRP's offering in circulation). With 53.6%, Bitcoin's market share is currently at its highest level since mid-December.
Featured image of Shutterstock. TradingView Price Charts.
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