BTCUSD - The reason BTC is going down despite the bullish news.
Everyone was expecting BTC to shoot up after the good news from the FSB. Earlier this week, the FSB chair sent a notice to world leaders (G20) advising them that cryptos will not be regulated at this point because they do not pose a risk of world financial crisis.
This news is good because it has restored confidence in current crypto traders/investors and thus, should logically correct the market upwards.
On the other hand, this news is not the best thing for the crypto market because it further reduced the interest of big institutional buyers and stock market investors because let's face it, they will not risk huge amounts of money in an unregulated market. This means that right now, we might not see money from outside being injected into the market as we saw late in 2017.
So why is the market going down?
This is probably due to the BTCUSD chart approaching a death-cross. Please look at the comment in the chart.
I am not bullish on BTC and altcoins at the moment. I will rather wait for that 50-day MA line to detach from the 200-day MA by going up. BTC could go as low as previous supports at $6,000.00 or $5,000.00
My personal opinion.
This news is good because it has restored confidence in current crypto traders/investors and thus, should logically correct the market upwards.
On the other hand, this news is not the best thing for the crypto market because it further reduced the interest of big institutional buyers and stock market investors because let's face it, they will not risk huge amounts of money in an unregulated market. This means that right now, we might not see money from outside being injected into the market as we saw late in 2017.
So why is the market going down?
This is probably due to the BTCUSD chart approaching a death-cross. Please look at the comment in the chart.
I am not bullish on BTC and altcoins at the moment. I will rather wait for that 50-day MA line to detach from the 200-day MA by going up. BTC could go as low as previous supports at $6,000.00 or $5,000.00
My personal opinion.
Trade closed: target reached:
The 50-day and 200-day MA have now crossed. We can expect the price testing the 6000/5000 support levels. We are basically waiting for the whales(market manipulators) to reverse the trend now.