While witnessing the fourth largest price correction in the history of the cryptocurrency market, Bitcoin, which had witnessed more than 90 percent depreciation before, lost nearly 80 percent in 2018.
The market cap of cryptocurrencies 1 While it decreased from trillion dollars to 138 billion dollars, the downward trend in the market volume continued after Bitcoin Cash’s hard fork. The proponent, likened the depreciation of cryptocurrencies to the dot-com crisis in 2000, argued that Bitcoin will continue to strengthen in the coming years.
Bitcoin maximalist and Morgan Creek founder Pompliano Bitcoin’s $ 3,000-3,500 band. Although he stated that the future value of the crypto currency will not be affected by these depreciations, he stated that the future value of the crypto currency will not be affected.
Shant Manukyan, who was the guest of Cryptometer, also stated that Bitcoin has been on the market for 9 years. a highlighted that it is an existing asset and said, “An asset that has been in the market for 9 years cannot be a bubble.”
Negative trend in Bitcoin While breaking the support points one by one, the support point in the $4,400 band was also broken after the attack to exceed the $4,799 band was ineffective.
BTC/USD While the negative price trend continues today, the RSI index indicates an oversold situation and tells that the decline in prices is more than it should be.. On the other hand, moving average curves show that prices may still decline.
The next support points for Bitcoin stand out as $4,100, $3,500 and $3,000, respectively, while the key resistance point is $5,000.
Ripple appears to be affected by the negative trend as it breaks out of the uptrend line. However, XRP, which stays away from the negative trend curve, draws a safer image compared to other cryptocurrencies.
While the moving averages are in the negative trend, the RSI , the relative strength index indicates that there may be an increase in prices.
The downside support points for XRP/USD seem to be $0.37185 and $0.26913, respectively.
Ethereum, which lost the second seat to Ripple, could not find buyers from the levels it expected, but experienced a strong pullback from the $141.91 level.
For now, the bears’ pressure towards the next support point in Ethereum stands out, while the RSI indicates that the prices in Ethereum, as in Bitcoin and XRP, have declined more than they should.
While the atmosphere of uncertainty in the cryptocurrency market still continues, bulls in ETH/USD need to break the hard barrier at $167.32 to take the helm. sowing. This level, which also coincides with the 20-day EMA, stands out as the main resistance point of Ethereum.
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