Analyst: Despite Bitcoin's decline, he sees positive conditions
The aggregate crypto market has been in a steady upward trend since 2020 as all withdrawals are volatile and were followed by further upward movements. This momentum is largely due to Bitcoin's recent bull market.
Bitcoin looked at yesterday evening with a somewhat violent rejection 10. 200 $, which caused that the cryptocurrency lost its recently built five-digit price position, causing the entire market to sell out.
However, this selling pressure could be less than it seems as a technical pattern seen when looking at the aggregate crypto market cap suggests the possibility that the bulls will soon regain firm control of the market.
When looking at the total crypto market cap, one could spend over 290 billion dollars rise, which analysts call a resistance mark for the market. It is important that the market has not been rejected at this level, but has simply not reached it, which reduces the bearishness of this recent downward movement. Mr. Anderson, a respected cryptanalyst on Twitter, recently stated in a tweet that he is not yet concerned about the state of the market-wide upward trend.
$ TOTAL update
As discussed, $ 290 billion was an expected fight
I prefer them to stop just short like this vs a Failed reclaim which can add strength to the resistance
No worries just yet. pic.twitter.com/AH 11 o2gxpe
– Mr. Anderson (@TrueCrypto 28) February 10, 2020
Is Bitcoin's price campaign causing problems for the market?
It is important to note that Bitcoin, which has a firm grip on most other major cryptocurrencies, is currently on both the 12 – Hourly as well as on the daily chart plays a declining candle.
This technical pattern, if confirmed in both periods, could indicate that the recent highs of $ 10. 200 are a medium-term high and that a deeper withdrawal is imminent.
$ BTC #Bitcoin 12 hour – Bear engulfing –
Daily chart working on one too pic.twitter.com/ZSYcDDesnm
– Big Cheds (@BigCheds) February 10, 2020
If Bitcoin starts to fall further, it is very likely that altcoins will move in parallel, causing the aggregate crypto market cap to crash and the bullish market structure to change over the year 2020 has developed, may be destroyed.
Proof of text: newsbtc