Bitcoin correction? Do people reap profits before Christmas? Or it’s just a sign of the end!
Anyone living in a cryptocurrency world knows exactly who controls the current cryptocurrency market. There was a time when the price of Bitcoin rose from $ 100 to $ 1,000 and plummeted or corrected to $ 200 after days. An 80% drop since the currency king didn’t stop once on one section of the highway, sometimes taking breaks and then another peak.
Bitcoin is quite volatile, no doubt. Entering new buyers and regulated exchanges is just the beginning of what we are looking at: the sunrise and not the morning.
As shown in the figure above, the bitcoin bullish market could not resist the sales of a for-profit investor who entered with $ 10K.
The price fell sharply by 15.16% for Bitcoin as it rose to a peak of 20,000 just 2 weeks ago. We now see a strong continuation triangle pattern that suggests the price may fall even further. Our main support is 13434 (Fibonacci retracement, horizontal oscillation low support, triangular design) and breaking this level can push the price up to 11172 support (Fibonacci extension, horizontal oscillation low support). Our next main resistance level is at 14757 (Fibonacci retracement, high resistance with horizontal oscillation).
On the other hand, prices have moved up and created a bullish pattern that breaks the 13434 resistance and is now at $ 15K.
After our research, we found the following cases that may have led to a recent failure.
Bitcoin cash mania
Is everyone aware of what bitcoin is? but most non-technical users have no idea that the Bitcoin currency they use is no longer the same. Bitcoin cash is the real economy, as described by unknown founder “Satoshi Nakamoto,” as Bitcoin cash claims to have more reliable and lower fees on the network, which is also true compared to Bitcoin cash, with average fees around $ 9. Up to $ 0.10, but for bitcoin, it can’t move less than $ 100.
Fresh hacking, hacks , nicehash, bitfinex, and various tiny exchange programs have been hacked because of the central nature of the services they run, one gets access to their servers, and eventually everyone can consume bitcoins.
Abridgment
The futures market has recently begun, where major regulated exchanges have come together to provide a safe and secure environment for trading with real and professional market participants, which may be futile for bitcoin.
Coinbase
Coinbase, which introduces Bitcoin cash theorist, suggests that when bitcoin cash was introduced, prices rose and someone inside leaked information about the timing of trading. Coinbase is now accused of helping bitcoin cash in getting a pump on the market.
Another important reason for tracking Bitcoin is the increase in fees for transactions from $ 100 to $ 1,000, with merchants now moving to Bitcoin cash, which comes with cheaper and lower fees.
Bitfinex will be the next Mt Gox. People start screaming about it.
Pumping and unfair play
Artificial pumping of the market can fundamentally change values, which can destabilize the market. Anyone who is familiar with the 2007-2009 financial crisis is aware of the rescue. Billions have been printed out of the air to support the U.S. economy. The BTC on Tether? Support it. Is a daily BTC trading volume from 6% to 17% + enough to move the price? This entry is not about whether BTC is backed by Tether – or not. It is simply about buying legal, valuable cryptocurrencies from counterfeit money that can be converted into USD or used to buy real goods and services.
Hard forks
Believe it or not this year, almost everyone is doing their own hard fork, which is good for creating competition, but it shows a lack of integrity in the Bitcoin community. There were so many villas, some failed, few proved to be frauds, and some left behind. The newcomer is confused as to which currency to work with.
Experimental risk
The developers of Bitcoin are promoting that bitcoin is in the development phase and not even version 1 will be released. This type of beta testing stops.
The so-called correction!
Bitcoin is currently volatile and can still be a good investment. Bitcoin is software that has been overrated in human history, the unknown founder of Bitcoin wanted everyone to use bitcoin for microtransactions. The market reiterates that psychology is simply pushing the market down so more people can buy what is called correction.
Keep the HODL!
Tell us what you think in the comments below or write to us.
This is only the opinion of the author and depends on market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.