D-Day for Bitcoin Downtrend Confirmation, Analyst says $3,300 a Crucial Level
Crypto market is bleeding red. The total value of the entire crypto market has gone down to $112 from $115. Yesterday, it has been around $121 when it fell down in a matter of hours.
The leading cryptocurrency went below $3,400 and now, bears are pressuring Bitcoin to go lower. Though Bitcoin has yet to drop to its December low at 3,150, analysts are expecting it to test this level and even go down more.
Altcoins are actually doing far worse as is usually the case in a bear market. In the past 24-hours they are registering losses more than Bitcoin’s 1.51 percent. According to the data provided by Coinmarketcap, XRP, Ethereum, EOS, Bitcoin Cash and Tron are down between 3 to 5 percent. Wheres with 6 percent losses, Stellar is down the most among the top cryptos.
Amidst the ongoing market condition, Crypto Trader Willy Woo says this is the D-Day to confirm the downward trend in the mark on the basis of trading volume. At the time of writing, Bitcoin has been managing the daily trading volume of $6 billion while the overall 24-hours trading volume has been $18.6 billion.
Today is D-Day for down-trend confirmation. We need to see more volume build upon yesterday. (Chart shows 2.5hrs of traded volume so far for today). Technically we broke the volume trend line yesterday, but I'd like to see one more day of higher volumes for confirmation. pic.twitter.com/dFE9KYEKXz
— Willy Woo (@woonomic) January 29, 2019
“Today is D-Day for down-trend confirmation. We need to see more volume build upon yesterday. (Chart shows 2.5hrs of traded volume so far for today). Technically we broke the volume trend line yesterday, but I'd like to see one more day of higher volumes for confirmation.”
Further commenting about the ultimate low price level, he says “2200-$2800 range is the “likely accumulation bottom.” The price, according to him will “settle lower part of this range,” however, it “doesn’t preclude a capitulation wick lower.”
Meanwhile Crypto Trader, Moon Overlord says,
$3,300 A Crucial Level, Below this Things will Get Nasty
Meanwhile, another crypto Trader, Magic says “close attention” should be paid to the market because if Bitcoin price goes down to $3,135, it will be testing important level and “things will get nasty.”
“We need to pay close attention right now. If BTC falls about 5% lower to about 3300, it will be testing the ever important weekly 200 MA, which is what we bottomed on in January, and what forced the last bear market to bottom. If we close below that, things will get nasty.”
Another crypto trader shared close below, Bitcoin could test double bottom around $3,150. To this, Magic said, “Double bottom and then new lows if double bottom is lost.”
Civic CEO, Vinny Lingham quips below $3k will turn the ongoing crypto winter into a “crypto nuclear winter.”
A shark on South Africa’s Shark Tank, Lingham had recently noted that “things get worse before they get better.” He further stated that this time Bitcoin price is likely to go under $3,000. And not long back, he further shared the entire crypto market is trying to find a bottom but if $3,150 gets retested, new lows can be expected to found.
The lower lows are being called out in the coming months as recently, Morgan Creek’s Anthony Pompliano shared in his post on Off The Chain that “The worst part may not be behind us,” and the bear market could “persist until Q3 or Q4 of this year.”