What is going on with the crypto market?
Last week, major cryptocurrencies such as BTC and ETH recorded a range of losses from 8-10 percent against the US dollar, indicating a poor momentum on the crypto market. However, on April 12, a long-legged doji candle appeared on the chart showing indecision of buyers and sellers. As in a result, it turned out to be a bullish reversal pattern.
Bitcoin (BTC) – The price is still hovering below Rm21,392.50 since the huge plunged from last week. As we can see in the chart, the price movement is currently moving in a tight range and it expects to exploit its volatility. Some experts said that the recent crypto market has such a huge price fluctuation possibility due to the following three reasons: 1. Technical indications forecasting a trend reversal moving on the chart. 2. Halving the mining reward. 3. “Big boys“ have joined the rally market.
Chart provided by TradingView.
Ethereuem (ETH) – The second largest crypto in the market cap has grown by 2.89% by this time and the price is hover below RM 707.00. The RSI has shown a gained momentum of 34 percent since April 14, indicating a short – term bullish trend.
Chart provided by TradingView.
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DISCLAIMER:
Any opinions, news, research, analyses, prices or other information discussed in this presentation or linked to from this presentation are provided as general market commentary and do not constitute investment advice.
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