The Price of the Bitcoin Is Being Sent Down South – Shifting Sentiments

Cryptocurrency crashed down to $9,500.  The crash was unavoidable for the price of Bitcoin, which was otherwise trending in the $10,000 range.  President Trump verbally assaulted Bitcoin. Steven Mnuchin, US Treasury Secretary, called crypto a “National Security Issue.”  The price of the Bitcoin Coincidentally went down post the Mnuchin’s comment. The bearish price reversal of the Bitcoin for the second time is seen sending the price south. The bullish higher-lows pattern is seen to be backed by the bearish developments seen in the short-term chart. Some of the analysts are associating the recent drop in the price of the Bitcoin with the increasing numbers of comments from leaders from across the world, calling for regulation of the Libra. Senators have recently called Facebook as delusional and untrustworthy.  The investor community is worried that Facebook’s Libra project might eventually be fast-tracking regulations in the crypto market. The bears are stacked against the cryptocurrency, and a bearish trend is set to fall deeper in the short-term. If there will be a decline, Bitcoin might find support at $7,500 considering the past patterns on the chart. Despite a golden crossover, the Bitcoin has been facing selling pressure. While history is shown to repeat itself, we need to see if history will repeat itself.  The BTC is expected to fall to the 200-candle MA. Ethereum crashed below the market handle at $200. However, ETH seems to be getting a new interest in China. The searches for ETH is increasing in China. One of the tweets read: “I would be surprised if we don’t see at least a 50% increase for ETH in next five days.” Ethereum has been leading the Altcoin market with a correction at 45%.  Since there is no bounce or a significant trading volume, the price might not hold in this level for too long.  The increasing concern is whether ETH has projects worth investing in. Several cryptocurrencies give away, which are getting promoted aggressively online. Fake comments are used to trick people.  Several scammer campaigns are out there, where after scamming, the scammer blocks the investor to avoid being heard by them. A turning point in the dominant trend is expected in the market.  Ripple as well is facing a broad-based selling pressure which is preventing the token from moving north. However, there is a positive technical picture for the XRP in the 2-h chart.

Marjory Lewis

Marjory is a science graduate with interest in new technological innovations. She has been attracted to blockchain from the very beginning and covers bitcoin and blockchain news for Bitcoin Journal.

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