Dan Morehead, CEO of hedge fund, thinks that investors are overreacting to bitcoin news. He said this after BTC collapsed after SEC delayed the decision. He thinks that the currency has a great potential even without . Dan said that the last thing approved by SEC was copper and it has been on earth for 10,000 years.
Cryptocurrency is very early-stage field so people shouldn't react on SEC decisions in such way. However, news background should be taken into account to understand the psychological mood on the market.
Trading volumes are still high. Volumes at red candles are larger than at green ones.
The support was formed yesterday at $6,450 (blue line). But bears broke it and now are at $6,200 (green line). The resistance was formed at $6,350 (red line).
Bears met the support at $6,250 (green line). The resistance is formed at $6,800 (red line).
left the oversold zone and now is moving above 40% mark.
The rate is near the average but it couldn't be in the top part, there was a bouncing off.
The order book is symmetrical.
is near 30% mark.
The price is near the bottom .
Indicators prove the continuance of the .
Yesterday bears were strong enough to make one more impulse. But the correction began after such sharp collapse. The correction will continue since all indicators are near their bottom lines now.