The crypto market falls sharply and tries a quick recovery.
Greetings to all readers of this great platform, especially to all users who daily make active life within the great community of #ProjectHOPE, in the present opportunity, I want to share with you some information that is related to the behavior of the crypto market, and the movements that BTC made strongly and very quickly today, mainly falling sharply and then emerging a positive behavior.
 Screenshot taken at: Binance |
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For many days the BTC has been flirting with the 20k support it has in the market value, this price has been maintained for many days with great uncertainty, having this constant instability, several possible scenarios could be presented, if a large investment came quickly rise and recover the 24k of its value, and if some unexpected sales arose, get the market below the 20k and begin the search for a new support that will help to stop the fall.
Today, many actions have been observed in the behavior of the BTC price that can generate great concern, the first happens with that big red candle that is observed in the behavior of 4 hours, where in 1 single candle falls more than 5% in its market value, which can be expected that the market lost its support of 20k in a big way, so the price can continue to decline and reach the 17k that have been expected for several days.
On the other hand, being a little more observant and conservative, we can see that the market practically everything lost was in a candlestick area, we can consider this as a big sale of a whale with the purpose of knocking down the price and seek to capitalize some resources by repurchasing BTC at a lower market price, or it can also be several whales, which can be considered as a false breakout for not having a consolidation of the loss of support in the market.
In addition to this, by putting a little technical analysis, observing that the market conde that big red candle so far has only lost 2% as it managed to recover enough of the lost value, and on the other hand, observing the behavior of the MACD indicator in the 4-hour temporality, they are at the point of the crossing of the 2 EMAs that this shows, which may indicate a positive entry to the market that can quickly increase and recover the lost area, so I think this breakout only ends up being a scare and a capitalization of some whales.
greetings@ chucho27
no doubt that this movement was to be expected, as it had several days , bouncing , hopefully it can recover quickly by some strategies implemented by the whales that is to the benefit of the crypto world.
Thank you very much for sharing.
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hi @chucho27
I would not pay much attention to recent price drop of BTC.
There wasn't much panic on the markets, no real news which could trigger panic sale. Altcoins didn't really crash (as it always seem to be the case if something meaningful is happening).
I would point of also at the fact, that volumes rapidly growed during price drop. And again: it wasn't caused by mass panic. So it had to be attempt of one (or few working together) big players to crash the market. I bet they were hoping to trigger liquidations, which could bring entire market down heavily.
But this did not happen. So I see this recent dump as not succesful attempt to crash the market.
Cheers, Piotr
Hello friend @crypto.piotr.
That's one of the big possibilities, the BTC market recovered quickly and the volume really increased, it's very likely the theory of some whales looking for a market crash and capitalize more BTC in their wallets.
I don't think the market will fall further, or not for now, as it had strength to hold up.
Good point you make about AltCoins, which had no negative impact of great magnitude due to this small drop.
I appreciate your reply @chucho27 :)
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Hello friend @chucho27, sometimes I see this kind of movement as an attempt to manipulate the market, maybe a fall provoked by some sector interested in buying cheaper.