Just a few hours ago, Bitcoin and the cryptocurrency market showed a significant pullback, because within 20 minutes the main cryptocurrency dropped sharply by almost 20% (on the main exchanges, including Coinbase, Bitfinex, Gemini and Bittrex).
The most tragic situation was at Bitstamp, when it reported a sudden collapse of up to $6,200. The exchange has already started an investigation of the sale of 5,000 BTC at this price.
One of the possible reason of today dump was a huge liquidation of FOMO traders, tightly accumulated in long positions.
On the 30-min chart, bulls are fighting for the psychological level at $7,000, which can be broken potentially. However, in terms of the technical indicators, RSI is almost in the overbought zone, and the rate is about to fix at the nearest resistance at $7,300. That is for the short-term scenario.
The most tragic situation was at Bitstamp, when it reported a sudden collapse of up to $6,200. The exchange has already started an investigation of the sale of 5,000 BTC at this price.
One of the possible reason of today dump was a huge liquidation of FOMO traders, tightly accumulated in long positions.
On the 30-min chart, bulls are fighting for the psychological level at $7,000, which can be broken potentially. However, in terms of the technical indicators, RSI is almost in the overbought zone, and the rate is about to fix at the nearest resistance at $7,300. That is for the short-term scenario.
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