The Crypto Market Faces Mounting Pressure
As trading opens in Asian countries, the 4-hour RSI chart hits a low of 17.88, sending negative signals throughout the market. With fear and uncertainty looming large, traders are exercising extreme caution in their dealings.
Major Hurdles on the Horizon 📉
Resistance levels as per the Fibonacci retracement are observed at $56,000, with additional obstacles at $59,000, $61,000, and $63,800. This uphill battle presents a challenge for any potential recovery.
Market Liquidations:
- Over 230,000 traders face liquidation.
- Total liquidation value stands at $654.70M.
- A monumental ETH USDT long position worth $18.48M is wiped out on Binance.
- Bitcoin witnesses $204.52M in long positions liquidated.
The Decline Continues 📉
Bitcoin has been on a downward spiral following an Evening Star formation at $63,834. Despite brief recovery attempts, it plummets to $53,779, marking a significant 15.50% drop. While there’s been a slight rebound to $55,900, breaking resistance remains a challenge as the price reverts to $55,000.
Predictions:
- If the current support fails, a drop to $48,500 is probable.
- The existing support level originates from BTC’s peak in 2021 at $68,000.
External Pressures Adding Complexity 🌊
The market’s volatility is influenced by ongoing events like the Mt. Gox repayments and the sale of seized BTC by the German government. These factors inject an extra layer of uncertainty, adding to the market’s already tumultuous nature.
Stay Informed, Stay Prepared:
- Monitor the charts meticulously.
- Keep an eye on key resistance levels.
- Prepare for sudden market fluctuations.
Embrace the Crypto Rollercoaster 🎢
While the current market situation may seem daunting, it also presents opportunities for savvy investors who can navigate the crypto landscape effectively. By staying informed and adopting the right strategies, traders can turn market uncertainty into a successful venture.
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