Hello everyone
So after the news of 'mt gox' and the investigation on Upbit, the cryptocurrency market has had a big correction again. Hopefully this investigation on Upbit won't be bad news for the market as we've seen that the market is very scared of bad news included crypto exchanges. (incident Binance with API)
As expected the btc-dominance went back up with 1,7%, it had the smallest correction of the top 10 because of the low volatility in comparison with the others (see previous blog). As I told before is this very good news for btc. A lot of investors are willing to invest if btc price will become stable.
So btc didn't found any support line on 9K and it broke trough the 50 and 200 day moving average aswell. that's a litle worrying to me. The next support line is on 7,9k and if it breaks through that, it's going to be a free fall down. (6.8K)
Ofcourse are the fundamentals of the crypto's still great but at the moment crypto depends to much on the short term news, which creates this unseen volatile market.
I set my stoploss on 8.3K, I wouldn't set my stoploss under 7.9k for sure.
if btc is going up, the hardest resistance will be on 9.3K and 9.9K. ofcourse when big institutions are coming in, that small resistances will be a piece of cake.
(this is no financial advice)
So after the news of 'mt gox' and the investigation on Upbit, the cryptocurrency market has had a big correction again. Hopefully this investigation on Upbit won't be bad news for the market as we've seen that the market is very scared of bad news included crypto exchanges. (incident Binance with API)
As expected the btc-dominance went back up with 1,7%, it had the smallest correction of the top 10 because of the low volatility in comparison with the others (see previous blog). As I told before is this very good news for btc. A lot of investors are willing to invest if btc price will become stable.
So btc didn't found any support line on 9K and it broke trough the 50 and 200 day moving average aswell. that's a litle worrying to me. The next support line is on 7,9k and if it breaks through that, it's going to be a free fall down. (6.8K)
Ofcourse are the fundamentals of the crypto's still great but at the moment crypto depends to much on the short term news, which creates this unseen volatile market.
I set my stoploss on 8.3K, I wouldn't set my stoploss under 7.9k for sure.
if btc is going up, the hardest resistance will be on 9.3K and 9.9K. ofcourse when big institutions are coming in, that small resistances will be a piece of cake.
(this is no financial advice)