Bitcoin’s tumble ‘has caused a lot of technical damage’, says analyst
Bitcoin was on a tear. This was the cause for concern for many technical analysts.
The pullback is putting a damper on the bull case. Some major technicals were broken meaning we might see more to the downside.
Bitcoin is the largest cryptocurrency and hit 60% of the total cryptocurrency marketcap. The last time we saw the number that high, things did not go well.
After charging into the $8,000 range, a flash crash dropped it 15%. The currency settled near $7,200.
Many feel that the overbought conditions mean that Bitcoin will eithe rfall more or consolidate. This is a necessary move to establish a healthy chart. The run up was just too much, too fast.
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Where's the technical damage?
All I see in that article is a forex traders spreading FUD. Put that into context with the fake bull run they just started and it's easy see what's going on.
This has got rothschilds fingerprints all over it. They manipulate markets with a fake rush and then start selling, then they spread FUD and buy it back for pennies on the pound.
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