Hello everyone,
How are you all? I hope everyone is fine and doing great in their life.
The entire Crypto Market saw a crash once again but this time it was a little different. Bitcoin came down to 110.8k dollars from 115.5k dollars and usually when that much value is lost from bitcoin, Alts bleed even more than that but this time the Alts reacted quite normally.
Most of them saw a similar dump and they are already recovering. Let us look at our chart below which we have been referring to since last month and till now we are good to go with that chart as all the trendlines you see there are always tested.
Those trendlines worked really well for us when we recently saw the massive pump in the market and also during the last crash and even before that. Let us have a more clear view at the chart below to understand where we landed in this recent market crash.
We tested the support which was resistance earlier at the range of 110-111k dollars. We saw a wick below this support trendline and it means that that move was seen in the market to liquidate the future traders. I am not a future trader and I always ask to stay away from it as it is actually a risky thing.
Now let us make some new levels and remove some old ones as the market can see further dump in coming hours. In the screenshot below you see a new white trendline which will be the next support for bitcoin after we lose the current support above which we are trading right now.
Once this support is tested the next level will actually be between 106-107k and losing that support can take us below the 100k mark as well. Right now we are looking good as we are trading above the 111.5k support already and that is a good is sign for us. have a look at the wicks below that liquidated the traders today.
Anyone knows how much was liquidated in last 24 hours? Tell me in the comments. The other thing I will like to mention here is that Bitcoin dominance is in the downtrend already and if Bitcoin strength comes to Ethereum it will actually be beneficial for the other Altcoins as well.
The strength is Ethereum can already be seen as it broke and created a new all time high and I still believe a Ethereum will cross 5k as well as 6k in this cycle and that is the minimum prediction from my side for ETH.
Thank You and make sure to check Crypto Company services as I recently shared in my blog. You can simply click on the picture below and it will take you to their official website.
