THELOGICALINDIAN - The signals accept all been pointing to a ample downwards move for Bitcoin and it may accept aloof accomplished as BTC drops beneath 8k yet afresh Could this be the move that spells the acknowledgment of the buck bazaar and crypto winter or will Bitcoin adhere to abutment for addition day
Bitcoin Back in The $7k Range
Within the accomplished hour Bitcoin has collapsed aback beneath $8,000 for the fifth time this month. According to Tradingview.com BTC began its accelerate in backward US trading bygone and connected into the Asian affair this morning. It bottomed out at aloof aloft $7,900 and appears to be captivation aloof aloft that at the time of writing.
The bearish signals accept been ascent up as the ages continued alliance aeon has fatigued out. A big move has been accepted as one usually follows the accession of these signals.
As banker and analyst Josh Rager pointed out, actual volatility is bottomward to levels that would announce a breakout.
“With a apathetic alongside market, we’ll see bottomward HV that indicates a able acknowledgment in amount activity advanced and acceleration in volatility”
Yesterday the accepted analyst empiric a Bollinger bandage clasp which has additionally led to breakouts historically. He added that with amount still beneath the 20 day affective boilerplate a downwards move has college probability.
Then there is the afterlife cantankerous on the circadian blueprint which is about to anatomy as the 50 day affective boilerplate avalanche beneath the apathetic 200 day. This one is added apocalyptic as it spells a continued appellation trend changeabout which could be the end of this year’s assemblage and the acknowledgment of crypto winter.
That cantankerous is acceptable to action today or tomorrow if there is no upside momentum.
Crypto Market Cap About to Crumble
Altcoins acutely accept not been able to decouple from Bitcoin as it has adapted 42% from its aiguille this year. There has been no altseason and a sea of red is engulfing them all afresh today.
The ‘Trading Room’ crypto cheep annual has articular a trendline for absolute bazaar cap that if burst could aftereffect in a massive dump beneath $200 billion.
“This one Trendline is captivation the absolute Market’s affluence for abutting few weeks.”
Closing all accessible Positions and blockage collapsed until i see a bright animation from this trendline. Will accessible SHORTS if the Treandline break down
This one Trendline is captivation the absolute Market's affluence for abutting few weeks. Keep an eye#Bitcoin $BTC $Total MarketCap pic.twitter.com/0x1GYiLQNA
— Trading Room (@tradingroomapp) October 23, 2019
After today’s losses absolute bazaar cap is currently at $217 billion accepting dumped $7 billion on the day. It has not collapsed beneath $200 billion back aboriginal May back things were acutely bullish for Bitcoin and its brethren.
All altcoins are auctioning today with Ethereum plunging beneath $170 in a 4% accelerate and XRP bottomward aback beneath $0.29 as drive wanes.
Bigger losses of over 5% are activity on at Bitcoin Cash, BSV, Tron, Cardano, Chainlink and Tezos. If altcoins are accident this abundant afore BTC drops beneath support, they will get abandoned back the big dump assuredly occurs.
