At the time of going to press, Bitcoin fell 3.25 percent. In the last 24 hours before that, the king of cryptocurrencies fell by a total of 4.8 percent. The price decline has thus reached a 6-week low.
The chief market analyst of the eToro trading platform, Mati Greenspan, told Business Insider:
“Today's cryptoasset movement is nothing more than a technical [motion].”
Greenspan further stated that there is no cause for overreaction:
“Bitcoin continues to trade $ 3,000 to $ 3,500 in its core support area. This is in the broader range of $ 3,000 to $ 5,000 where it has been since November 2018. “
Greenspan thus referred to the technical analysis, which is also called chart analysis. With the chart analysis experts from the historical data of a price movement try to determine the future development of the course. As part of this analysis, they use a variety of tools and patterns. One of these tools are the “support levels”, which are sometimes called support zones. Such a support level in the chart analysis indicates a limit below which an asset (here bitcoin) usually does not fall or at which the price is reversed.
To sum up, Greenspan has, from an expert's point of view, stated that he considers the downturn to be typical (and irrelevant). His comments further suggest that he does not currently expect Bitcoin to fall below $ 3,000 per Coin.
Bitcoin on Kraken and the opinion of a hedge fund manager
Crypto-market Kraken showed a trading level for Bitcoin of $ 3,396.80 on Sunday. That was the lowest level since mid-December. In its downward movement Bitcoin pulled the other cryptocurrencies with. Also in this respect, the process presented as typical. As a result of the sales, the capitalization of the crypto markets also fell by USD 5.7 billion. It fell from $ 118.8 billion to $ 113.1 billion at the time of going to press.
Hedge fund manager and economist Mark Dow saw the price move as the beginning of another downturn. In his opinion, it could also lead to a price decline. On Twitter, Dow wrote:
“Bitcoin has been dead silent for several weeks, say, since [a rate of] 3,600 [USD]. The last time Bitcoin was so quiet was 6,500 [USD] and that ended in disaster. If you take this pattern as a basis, you could soon expect a similar drastic decline in prices. Maybe it started even tonight. “
Despite the price downturn, Bitcoin's market dominance remains at 53.6 percent. That's still an increase of 1.9 percent since the beginning of the year. Market dominance is a measure that expresses the share of a cryptocurrency in total market capitalization.
Author: Peter Joost – Source Post: https://www.kryptovergleich.org/analyst-of-etoro-bitcoin-kurs-liegt-nach-wie-vor-voll-im-kernbereich-se-support-levels/
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