Also on the crypto-markets, the week is coming to an end, and Bitcoin keeps bravely on the Support. Many Altcoins, however, had to suffer a small defeat, and the total market capitalization has fallen since Monday in order to 5 billion dollars. Where to look bearish sentiment – however, BTC may have completed its correction of 40%.
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Bitcoin is holding steady at the Support
BTC fell yesterday for the fourth Time under 8,000 dollars, but remained there not for long, but recovered to an Intraday High of 8,120 $. For almost a month Bitcoin range bound will remain in this support zone, the 8,000-to$-level.
The downward trend is still unbroken, in addition, the decline in sentiment in the last couple of weeks in crypto-has-Twitter wide. The crypto-fear and greed index is now up for two weeks at approximately 40, as the bears still lurk in the shadows.
An impending death cross on the daily Chart, means more misery and potential disadvantages that could be in the further course of the year significantly. Not all are bearish, many had said that a correction of this magnitude before. At today’s prices Bitcoin corrected this year by 41% – he is since 1. January but still about 110% increase.
Analysts are now pointing to earlier rallies and subsequent corrections.
“People who are waiting on $6K $BTC, always forget one thing. In bull markets, $BTC falls to 40%, and doubles its price.“
People waiting for $6K $BTC keep forgetting one thing.
In bull markets $BTC drops 40% and then doubles its price. pic.twitter.com/E6zbjap6Av
— Galaxy (@galaxyBTC) October 17, 2019
This happened several times in recent years and is always after a strong rally. The “40 percent”number is also pretty consistent, so that Bitcoin holds if the theory on the current price level of its low point is reached.
Analyst ‘RA Capital’ formulated it in a previous post similar to:
“Strong retracts are a few months before the halving of Bitcoin is nothing New. These withdrawals are, coincidentally, the first large corrections in a new Bitcoin bull market.“
A decline to 6000 $ would mean a correction of 56% – not a death sentence, but still one of the biggest losses. This time last year tradete BTC at $6.400, even with a bearish stance, it looks at the moment so still better than it was then. FUD is unfounded.
Elsewhere in the crypto sphere
Some of the Altcoins recovering now a little bit, there is more Green than Red in the list. Ethereum (ETH), creeping back in the direction of $180, while XRP has risen by a further 5% – of the Token, followed in the run-up to the Swell-conference in the next month, the psychological level of $0.30.
Litecoin (LTC), Binance Coin (BNB), Tron (TRX) and Chainlink (LINK) to achieve good profits, while the crypto markets to make up 3 billion dollars of their yesterday’s losses.
Text evidence: Bitcoinis, MARTIN YOUNG