While the cryptocurrency market could not get rid of the negative price trend that it started before the Bitcoin Cash hard fork on November 15, the market volume declined by 30 percent in a week.
Foreseeing the downtrend in Bitcoin and cryptocurrencies, and Technical analyst Willy Woo, who is closely followed by the crypto money market, stated that when Bitcoin is above $6,000, all blockchain indicators in BTC/USD are negative, and that there is a strong possibility that Bitcoin will remain under the pressure of bears until the second quarter of 2019.
Bitcoin entered the new week with strong losses after drawing a stagnant image over the weekend, while BTC/USD regressed to the $4,400 band and tested $4,380 and then reached the level of $4,500 again.
Willy Woo: Support at 4.400 Is Very Strong
Sharing a post on Twitter about the depreciation in Bitcoin, Woo said that the RSI (relative strength index) in Bitcoin Stating that the market points to more FUD than the decline from $12,000 to $6,000 in February, he stated that the leading cryptocurrency has strong volume support in the $4,400 band and it is difficult to break this point;
Wow that was nutty! RSI reading more FUD than the Feb 12k->6k crash. We have decent volume profile support in this 4.4k region (middle green band), very unlikely to slice through… if anything the brave can go knife catching. US traders waking up in 2-3hrs. pic.twitter.com/XCNrkkYyJ0
— Willy Woo (@woonomic) November 20, 2018
Cryptocurrency market with recent developments While its volume is around 145 billion dollars, in the last 24 hours Bitcoin, Ethereum, Stellar, EOS and Litecoin are 15 percent; XRP, on the other hand, has lost 8 percent of its value.
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