After a long week of volatility, crypto market tuned into red
At the end of the week, the whole crypto market is bleeding. Nearly every cryptocurrency coin and token is down today as sellers take profits on the bounce before the weekend. The price of bitcoin and ether have dropped by 8% and 10%, respectively. Many other altcoins are seeing two digit declines such as BNB, MATIC ICP and LINK.
Today's panic came with an increase in fear, as per multifactorial crypto market sentiment analysis from alternative.me. Participants are currently extremely fearful after some of that fear had subsided yesterday.
BTC Technical Analysis
200 MA is playing as an important resistance for bitcoin which is around $40,000 .It tried to break the important psychological and technical resistance of $40,000 but wasn't able to sustain it for longtime and is currently trading around $36,500. Immediate support is at $35,000 and major one is around $33,000. Once it will be able to break and close above $40,000, We will be looking for $42,500 to $43,500 in the short term.
We have also shared all things in detail in our today's video, where we also talked about the potential danger of death cross in the coming month.
Disclaimer & Suggestion : Please always do your due diligence before investing in any cryptocurrency or project. This should not be treated as financial advice.