Last seven weeks graph indicates steep fall on Bitcoin alarming to cryptocurrency trading. Initial month of 2019 faced a drastic decline in cryptocurrency to $3750. Unexpected downfall making a hard time for the traders, hikes or gains in bitcoin earning led an awful loss during the last 24 hours. Drop in bitcoin will find it hard to regain its stable position. Colossal cryptocurrency is undergoing crisis globally, and during the last 24 hours, it has seen the highest drop of the crypto-money. Unforeseen deluge in the currency has led the trader to face a great loss in trading that is threatening the traders from investing further.
Former trader Mark Dow, IMF economist, has described this trading downfall to be highly alarming for the traders. Dow has been into trading for a long time, witnessing the highest profit in 2017 to the lowest in 2019. According to him the technical indicators of cryptocurrency are not very pretty and so the downfall may be close to GTFO level.
Mati Greenspan has stated that the drop on January 10 was insignificant. According to his tweets traders or investors are disappointed and may think twice before investing but the technicalities of crypto-assets did not change and one should not overlook the possible benefits, as mentioned on CCN. “As we’ve been discussing since mid-November, the current range is from $3,000 to $5,000 (dotted blue lines). It seems now, that bitcoin has opened a new mini-range within that from [$3,550] to approximately $4,200 (yellow lines),” says Greenspan.
The weekly graph on Yahoo Finance news has shown a candlestick pattern, progressive as moving towards the weeks overcoming the danger of falling below the red line border of the cryptocurrency trading by the end of this week. Sudden fall and immediate recovery from the border still endorses the traders to look for better investments in the future.
Changes in through the graphs, in the weekly chart, which indicated the bullish pull down of the investors, though the sudden upper verse from $3750 to $4000 has given a sigh of relief. Investors may not find the faith in bidding, lacking the speedy recovery of the Bitcoin prices.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]