When the falling of crypto market will stop?

[Razor1911]

Two weeks ago, when the news came out about China's policy to crack down on bitcoin and penalize bitcoin miners, the whole crypto market tumbled down. The market almost erased half of its market cap within 2 days. Bitcoin which was trading near 50,000 had a sharp fall to reach as low as 32000. All other crypto also followed the suit.

But it's more than two weeks when that happened. But still the market is unable to recover from that blow. Bitcoin, tried several times to get over the resistance 40,000 level but sellers pushed the price lower everytime. Now the price is trading near 34000 levels.

So, when do your analysis predict the market to get momentum like before. Will the market be able to break the upper resistance to make the second upward leg to reach new highs?

 

[Vladv26]

This was something we should have all expected since the cryptocurrency market was going only up for the past 5 months. Obviously, it's not possible for it to always go up and we've seen this in the past. There are different periods every year where the price goes up for a couple months and then it starts going down for a couple of months. So, I think we should expect a period of at least a couple weeks in which the crypto market will remain red

 

[Razor1911]

This was something we should have all expected since the cryptocurrency market was going only up for the past 5 months. Obviously, it's not possible for it to always go up and we've seen this in the past. There are different periods every year where the price goes up for a couple months and then it starts going down for a couple of months. So, I think we should expect a period of at least a couple weeks in which the crypto market will remain red

This is mainly the consolidation period. So I agree with you, the more the price consolidates, it's better for the crypto itself. We can't say now, how long it will be in red. But consolidation is the period when traders books profits and buys fresh position at lower price. So the price jump would be anytime soon.

 

[Sotherefore]

Cryptocurrency is highly volatile and as a result of this we need to expect most this things in the crypto space,even with the current serious downtrend in cryptocurrency a lot of people are actually making some money from it because this is the perfect time for those who really understand how to trade futures to jump in.

 

[Razor1911]

Cryptocurrency is highly volatile and as a result of this we need to expect most this things in the crypto space,even with the current serious downtrend in cryptocurrency a lot of people are actually making some money from it because this is the perfect time for those who really understand how to trade futures to jump in.

The perfect time is when market is down. The crypto market had already shed 40% of its market value. Hence the prices of all the coins are in heavy discount. This is the prefect time to enter into the market. The fall from current level is limited as the price is already in oversold position. The upside will be triggered shortly.

 

[btaliat]

Just like one of the salient features of crypto. It should always be volatile. We are only complain because we are caught in the web. There will be some people that will be happy now because this bearish moment is their own dream time. They have been trying to expand their coins, and this bearish time is the best time. We should always look at the positive sides of negative instances.

 

[Alexandoy]

My guess is the move of a whale (the big players in the crypto market). If Elon Musk would buy a billion dollar worth of a crypto like what he did with Bitcoin then for sure the balance of power will be on the side of that particular crypto that Musk would buy. But with the bearish behavior of Bitcoin now I guess Musk had learned a lesson.

 

[Sotherefore]

The perfect time is when market is down. The crypto market had already shed 40% of its market value. Hence the prices of all the coins are in heavy discount. This is the prefect time to enter into the market. The fall from current level is limited as the price is already in oversold position. The upside will be triggered shortly.

Yes you are right even our cryptocurrency master I've been advising us that if we have anyone who is interested in investment in cryptocurrency that we should bring those people in that is a perfect time for that, have already bought the dip but they dip keep on diping.i still want to buy more

 

[Razor1911]

Yes you are right even our cryptocurrency master I've been advising us that if we have anyone who is interested in investment in cryptocurrency that we should bring those people in that is a perfect time for that, have already bought the dip but they dip keep on diping.i still want to buy more

The perfect time is already gone actually. The perfect time was when the market was down to its ground level. The price of bitcoin went down like an asteroid, hitted hard on the ground. The price almost slashed 50% of its market cap at that moment. The price of bitcoin was near 32000. That was the perfect time to enter into the market.

 

[Sotherefore]

even with these people can still jump in because we are expecting the price of bitcoins to reach 70,000 or $80000 before the end of this year so there is still a huge potential for people who are interested to come in, it is not too late. If I have money I know a lot of coins I will buy to keep for long time now.

 

[Razor1911]

even with these people can still jump in because we are expecting the price of bitcoins to reach 70,000 or $80000 before the end of this year so there is still a huge potential for people who are interested to come in, it is not too late. If I have money I know a lot of coins I will buy to keep for long time now.

New highs are only possible if the price jumps from the current levels and breaks the immediate resistance. Specially Bitcoin is trading near resistance level of 40000. Wo to be able to reach new highs, it must have to clear the obstacle. Even after clearing 40k, next psychological hurdle will be 50k network.

 

[Sotherefore]

New highs are only possible if the price jumps from the current levels and breaks the immediate resistance. Specially Bitcoin is trading near resistance level of 40000. Wo to be able to reach new highs, it must have to clear the obstacle. Even after clearing 40k, next psychological hurdle will be 50k network.

Yes that's what I'm saying, it is not late for people to jump in now, the market will always be there and sometimes it all depends on the time we carry out the investment that will determine our success, this is the perfect time for people who are interested to jump in.

 

[Chibson]

This particular scenario has played out in 2017 and those that we are holding cryptocurrencies then thought that it was over. I hope by next month bitcoin recover from its laws and other altcoins will also follow suit. This is expected because cryptocurrency in general is very volatile and it will not continue to go up forever.

 

[btaliat]

My guess is the move of a whale (the big players in the crypto market). If Elon Musk would buy a billion dollar worth of a crypto like what he did with Bitcoin then for sure the balance of power will be on the side of that particular crypto that Musk would buy. But with the bearish behavior of Bitcoin now I guess Musk had learned a lesson.

But it is not only bitcoins that is experiencing this bearish moment. Virtually, all the coins are experiencing their down time. And it is not possible for Elon Musk to invest in all the coins facing these issue. The best thing to make it faster is if some countries that have banned or regulated lift the ban on either the regulation or banning.

 

[JackCarroll]

I don't think that the fall will stop anytime soon because now that crypto is banned in China. because China was the country with most amount of bitcoin and altcoins mining

 

[Razor1911]

I don't think that the fall will stop anytime soon because now that crypto is banned in China. because China was the country with most amount of bitcoin and altcoins mining

Looking at charts I also feel that the drop is not there to go away too soon. The price of bitcoin had soared from the 9000 levels to reach as high as 63000. It was anticipated that the price will fall as consolidation was widely expected. Now the next move depends upon whether bitcoin will break the upper resistance or lower support. It is indecisive as of now.