As we’ve mentioned earlier, all technical factors such RSI indicator warned us about the beginning of a consolidation phase for cryptocurrency market. We had three relative peaks in price but three relative throughs in RSI indicator which was considered as the first important signal for this phase.
After the breakout of the ascending trend line we speculate that the chart would go down to 40K zone and we mentioned that if this zone were not able to support the chart it will fall to 30 k zone and all these happened!
In this contemporary condition there is no speculation for BITCOIN’s direction.
Take that in mind that the total market cap for cryptocurrencies is about 2.1 trillion dollars which is equivalent for just a corporation in NASDAQ such as APPLE. This means that this market is extremely volatile and a bad news can make its condition worse.
After the breakout of the ascending trend line we speculate that the chart would go down to 40K zone and we mentioned that if this zone were not able to support the chart it will fall to 30 k zone and all these happened!
In this contemporary condition there is no speculation for BITCOIN’s direction.
Take that in mind that the total market cap for cryptocurrencies is about 2.1 trillion dollars which is equivalent for just a corporation in NASDAQ such as APPLE. This means that this market is extremely volatile and a bad news can make its condition worse.