#XBTUSD Update
Hey members, bloody days.
#BITCOIN broke the triangle wich we have more than a month following carefully and as i said in the last TA. Moving us to the current support levels around $7200 - $8547.
So, whats our actual see about the markets?
The Cryptocurrency Total Market Cap lost around 20% of its value this week, that means a loss of $35Bn USD in less than 2 days.
The next relevant zone that investors will be looking at closely is the $45-40Bn level, which may attract fresh capital if the BTC index pulls back positively.
If we take confluences into consideration, the next bounce we are expecting is highly correlated with BTC's next key support at $7400-$6500. The recovery of this week’s fall won't happen overnight, it could well tale a few weeks until bulls regain control.
So, there is a strong probability of another drop in both markets, Altcoins and majors, of around 15-20%. Large-cap funds are likely to wait for the next reliable bottom to re-enter.
Hey members, bloody days.
#BITCOIN broke the triangle wich we have more than a month following carefully and as i said in the last TA. Moving us to the current support levels around $7200 - $8547.
So, whats our actual see about the markets?
The Cryptocurrency Total Market Cap lost around 20% of its value this week, that means a loss of $35Bn USD in less than 2 days.
The next relevant zone that investors will be looking at closely is the $45-40Bn level, which may attract fresh capital if the BTC index pulls back positively.
If we take confluences into consideration, the next bounce we are expecting is highly correlated with BTC's next key support at $7400-$6500. The recovery of this week’s fall won't happen overnight, it could well tale a few weeks until bulls regain control.
So, there is a strong probability of another drop in both markets, Altcoins and majors, of around 15-20%. Large-cap funds are likely to wait for the next reliable bottom to re-enter.