Bitcoin Might drop as low as $7500!! Fundamental and Technical Reasons.
AS we know that Bitcoin is carrying no volume from a past few days. There have been no spikes from Bitcoin. Its price has been continuously decreasing. The market cap is also declining. The dominance of BTC has dropped to 33% as you can see in this pic:
At present there is also a fear originated from India about the ban on Crypto currencies.
Their finance Minister Arun Jaitley said in his speech:
“The government does not recognise cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system.”
According to Unocoin, media misinterupted his speech :
“It is business-as-usual,”
But what happens is due to such a news that is correct or not or is lead the wrong way, there is always panic selling due to which price drops and currently due to this Price may drop.
You can read the whole news on cointelegraph by clicking Here.
Looking into the the T'A its also worse. Bitcoin has been breaking the supports and trendlines. And currently it also has broken a trend line in 1 hour time frame but testing it in daily.
The news that came from South Korea yesterday That there will be no ban on cryptocurrencies was a good news but we see that no volume came in the market. Same happened on 26th January when CME FUtures was to expire. Everyone was expecting bitcoin to pump but no volume grew and thats why we saw a very small pump. So news and T'A are currently not working. All we need is volume. WE might test a sure bottom after which we will se some spikes and that bottom according to me is somewhere around 7500 where big whales might jump in and volume starts increasing.
That was my view. Do your own research. This is not a financial advice!
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