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BREAKING: Bitcoin [BTC] crashes to new 2018 lows at $5825

Ketaki Dixit



Bitcoin crashes again - gets closer to $5700
Source: Pixabay

[BITFINEX: BTCUSD] Bitcoin [BTC] at 04:45 UTC crashed to fresh lows in 2018 to trade at $5825 and at press time had enough bearish pressure to break lower to $5700.

Bitcoin continues to crash - almost nears $5700Bitcoin continues to crash - almost nears $5700

Bitcoin continues to crash – almost nears $5700

The current panic-driven driven market which is currently in the “sell-FOMO” environment could potentially push prices below $5700. According to chart analysts like Monty Williams, Bitcoin could see a potential downfall and see it settle at $3k if it has enough selling pressure. He says,

“If Bitcoin breaks below the $5700 mark then the next support will be at $4800. A break below the $4800 will be difficult but if it does then we could see Bitcoin at the next resistance mark at $3300. It is highly impossible for BTC to break below $4800 though with the current volumes and sentiments.”

We asked an investor with a big portfolio, Mr. R Murthy about the current market situation, he seemed worried but said that he considered selling his assets for the current price and selling it if Bitcoin hit 0 to be the same. He says,

“When people get scared and doubtful I always ask them to go and refer the Bitcoin’s 2013 growth in November when it’s herculean growth propelled it from $140 to above a $1k. 2017’s December propulsion was the same. Although it took more than three years for Bitcoin to recover during that time, things are different now. Worst case scenario, Bitcoin trades at $3k, how long do you imagine it will be there? People like me will keep buying. If not this year then next year, the longer we wait, the bigger the bull. That’s a crypto promise”

Murthy's reference of Bitcoin in 2013

Murthy’s reference of Bitcoin in 2013

At press time, there was a slight pullback and Bitcoin [BTC] was trading at $5900. Everything from Ethereum, Ripple, EOS and TRON is affected by the current market situation.

Among the Top 10 tokens, EOS is affected the most with an 11% drop in the past 24 hours to currently trade at $7.4 to a token, followed by Litecoin [LTC] which experienced an 8.2% drop in the past 24 hours to trade at $77. The last time Litecoin traded so low was in November last year.

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Ketaki Dixit is a Journalism major from Jain University. She has about 1-year experience in the field and is passionate about blockchain technology and the cryptocurrency world.

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Ethereum [ETH] might have caught a break from bears due to formation of ‘Golden Cross’




Ethereum [ETH] might have caught a break from bears due to formation of 'Golden Cross'
Source: Unsplash

Ether, more commonly known as Ethereum, is the world’s second largest cryptocurrency and it might have turned bullish due to the initiation of the ‘Golden Cross’ in the daily chart. Golden Cross, is when the 50-day simple moving average crosses above the 200-day simple moving average, which indicates that the price has turned bullish and that the cryptocurrency has bottomed.

Source: TradingView

Historically, Ethereum’s last Golden Cross took place in February 2017, when the price of ETH was ~$10; the price after this cross was bumped to $1,600, which was a meteoric rise of 15,000%. As bullish as this sounds, this might not be the good news that the crypto community is hoping for, as the ‘Golden Cross’ isn’t absolute and there are times when the crossover could be a fakeout. Crossover fakeouts had occurred for Bitcoin in 2014.

The weekly chart for Ethereum has been consistently forming higher highs since 2019, which is a bullish indication. The MACD indicator and the RSI indicators are both indicating a steady rise since 2019.

All aboard the ‘Speculation Train’

If another meteoric rise is to be expected from the crypto ecosystem, the price has to undergo a parabolic rise. The price of Ethereum at press time was $174 and had a market cap of $18 billion; assuming approximately 10,000% increase [instead of the 15,000% rise], the price of Ethereum would reach approximately $8,000 by March 2020.

A Reddit user @alkalinegs commented:

“if you look at the last golden cross early 2017 it took a few days till something happend. death cross 2018 even resulted in a bulltrap. -> dont expect an immediate reaction.”

Quite a few people use the exponential moving averages and disagree with the use of Simple Moving Averages, which is opinionated. Another Reddit user, @DeliciousPayDay commented:

“I strongly disagree. SMA 200 is more important and everyone in crypto looks at it. After breaking the 200MA at $151 ETH went straight to $180 before being sold off, and bounced directly off the 200MA the next day turning resistance into support. The 50/200 golden cross just happened on the SMA and the last time that happened ETH went from $12 to $1400.”

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