BTC FreeFall

in #schoolofminnows6 years ago

2018 Lows Swept

$BTC has dropped nearly 13% over the course of the past 48 hours to a price of $5550 (coin market cap aggregate pricing), with 24 hour trading volume hovering around 6.6 billion. 2018 support around 6k mentioned in my previous posts was broken and panic selling ensued.

This most recent move by $BTC appears to be capitulation for the crypto markets as nearly 25 billion USD has left the space, roughly a 10% drop in the market.

Daily RSI has never been this low, for $BTC, in recorded history.
Usually in breaish markere there is an instance at the close of a bear market where full blown capitulation occurs, similarly to what we have seen in the past 48 hours . We are not yet ready to describe today’s bearish price action as the final punch thrown by bears in 2018 and moving forward, but it certainly feels grim enough to be considered in this way.

Initial analysis has shown that the current price action around $5400 could be a potential turning point for the market but at this point it is safer to let price consolidate at these levels before considering a re-entry.

The $4800-5000 price range for $BTC seems as an area of interest. This would be an optimal entry point to begin accumulating alts and spot $BTC once again.

As bleak as 2018 has been, it is important to, at times, ignore the charts and price action to truly focus on why this space exists and how much it has evolved in the past ten years. Our team is confident in the longevity and profitability the blockchain ecosystem will experience over the course of the next five years. Now is the time to educate and improve ourselves to best maximize our potential when a bull market undoubtedly returns to the crypto space.

Sort:  

Congratulations! This post has been upvoted from the communal account, @minnowsupport, by supsnehal from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.

If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP.
Be sure to leave at least 50SP undelegated on your account.

You got voted by @curationkiwi thanks to supsnehal! This bot is managed by Kiwibot and run by Rishi556, you can check both of them out there. To receive maximum rewards, you must be a member of KiwiBot. To receive free upvotes for yourself (even if you are not a member) you can join the KiwiBot Discord linked here and use the command !upvote (post name) in #curationkiwi.

To listen to the audio version of this article click on the play image.

Brought to you by @tts. If you find it useful please consider upvoting this reply.

Coin Marketplace

STEEM 0.17
TRX 0.15
JST 0.028
BTC 62102.06
ETH 2415.08
USDT 1.00
SBD 2.49