Bears Are Back ! Ethereum To Test The 200 SMA ! [Crypto Update 14.03.2018]
After a week of battling for the major key level, the 200 Simple Moving Average, we have a winner ! The bears struck today and Bitcoin has plunged over 10%. Other coins obviously are not doing better and we are approaching the lows of last month. Last months low for the whole cryptomarket was ~280B, we are currently at $330B. Be sure that if BTC goes below 6000$ again, we will definitely be below the 280B market cap.
As you can see from the chart above we broke the 200 SMA and as I predicted a sharp sell-off developed. For me it is very confusing that it is happening on such a low volume. When this sell-offs happened the previous months we had a lot higher volume. This makes me think that if the real volume kicks in and some kind of panic selling occurs we might see very low numbers.
Ethereum
Other major coin is approaching the 200 SMA which currently sits at 593$. ETH has been performing even weaker than Bitcoin as of lately and the overall sentiment for crypto doesn't look good at all. As I have written in a previous article "Lack of fresh money" is causing a big part of all this. No one wants to buy from the "highs". Smart money is waiting, traders are probably short and everyone who bought the peak are hurting.
I am not sure if this level really matters as much as Bitcoins 200 SMA because alts seem to be doing the exact same thing that Bitcoin is doing.
What's Next ?
- The next BIG support for Bitcoin seems to be the previous low of 6000$
- 7900$ might be a good support level.
- The 200 SMA is the next big resistance
Whats your opinion for the market in general ? Share with us in the comments :)
You have described the situation on the market very professionally!
Where did you learn trading?
Thank you ! I am a trader by profession, so maybe that has something to do with it :)
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When will the crypto market start afresh? I mean $500B market cap level. there is any possible? all currencies seem boring. Any interesting news?
I think we might get to 500B again, but it will take some time.
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Congrats
Thank you @ervinneb! why this delay? April 30th?! One month more! any problem?
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