Bear Holds Crypto Tight – 70% to 80% fluctuation is Normal Per Jeet SinghOctober 13, 2018
The crypto market has not been kind because the price support for the major cryptocurrencies and Altcoins has been breaking badly. What is needed now: A Bullish run to soothe the pain is what is needed.
While several cryptocurrencies are much lower than their early highs, newer forecasts are coming for cryptocurrencies.
At the World Economic Forum organized in Davos, Jeet Singh stated, “70% to 80% fluctuation in a volatile asset is normal.” He further noted that for this reason, he is not worried about the volatility of cryptocurrency.
The price of BTC is $6,291, which is a 0.03% increase in the short-term trend.
Bitcoin and Bitcoin cash are both not gaining their momentum. The trend lines are showing sluggish movement ever since the beginning the October.
At the beginning of the month, there was a minor uptrend from $6610 to $6700 over the past 4 days. The uptrend took a downturn to the $6630 mark and further hit the bottom line at $6316. Bitcoin is also declining in rank ever since October 03, 2018 and the price went further down from $6440 to $6250 level.
The support broke at $6445, and a new support line was established at $6250.
The MACD reading revealed a slight bullish crossover with the coming of positive momentum in just a short term.
However, the downtrend that started in May continues to be power. The hopes of price breaking in are particularly quashed when the downtrends are observed from $9860 to $8390 price levels. The downtrend went sliding down to as far as $6630 to $6310. The uptrend, however, resumed from $5850 to the $6250 level.
The Klinger Volume Oscillator was neutral, and the upward trend and signal lines were moving downwards. The bearish sign was clearly seen in the parabolic SAR.
Similarly, for BTC, it was downtrend from $523 to $443, and the support line extends from $443 to $447. The short-term trend ranged from $516 to $451.
There was very little distance between the lines, and the MACD was exhibiting convergence. The 20 period WMA is showing a support level at $448.
The descending triangle is indicative of a soon to happen breakout. The ceiling for the triangle is formed at $417 as the base support level.
The $485 is the resistance level shown for the coin after the price drop yesterday. The consequences of the bear attack will have consequences into the short and medium term. The coins are not able to establish well after the plunge though. While corrections are seen, an upswing is possible only with improved investor sentiment.
Perhaps investors with the attitude similar to Jeet Singh.