In spite of the negativity that had pervaded the crypto market in the last few days, the good news coming in from the market quarters indicate that something colossus may be building up as major crypto assets near key support levels that could necessitate a serious comeback.
The volatility tide that swept the market in the last few days saw Bitcoin and other Altcoins tumbling down a great deal. This singular activity wiped off the gains which were accumulated since the beginning of the year leaving the crypto assets in losses.
Bitcoin which had marked the new year 2020 high of $10,500 toppled down recording a daily low of $8,428 as it had the biggest sell-off since the inception of the year. Although the top cryptocurrency still trades beneath the trendline, it experienced a slight recovery to trade at its recent price of $8,799. The activity of the bulls pushed the crypto asset above the $8,700 critical level.
As of recent, Bitcoin’s price activity has been used to predict Altcoins price as it was discovered that both posted correlatable price trends when BTC went on a downtrend, other Altcoins too posted bear-favoring movements, also BTC’s slight recovery recently led many Altcoins following suite.
One More Capitulation Candle, Then a Rally!
In a recent tweet, a crypto trader at Amsterdam Stock Exchange, Crypto Michaël foresees Bitcoin and other Altcoins to trickle down a little more to hit key levels turned support which will necessitate a rally.
Crypto Michael expects BTC to plunge further to reach key levels of $7,500, $7,700 while key levels of $190, $195 will be necessary for Ethereum to post a rally.
Another crypto analyst, Murad maintains the same school of thought as stated above, in a technical analysis using the TOTAL chart, he noted that it is apparent that the market is trading within a colossal flag, this, therefore, implies something colossus is in the offing. He anticipates a massive rally if the market goes overly bearish with the assets toppling down more to catalyze an upward momentum.
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