It has been quite a gloomy day for the entire crypto market led by the actions of Bitcoin as the leading crypto coin plunges down the chart to a value last seen two weeks back ($10,200), after resurrecting people’s hope in cheering for a long waited bullish run.
XRP and other cryptocurrencies have also pledged allegiance to Bitcoin’s fractal.
After failing to hold firm above $11,000, Bitcoin is now approaching its psychological support, $10,000, used as a frontier in determining the readiness of a bullish rally. Today alone, Bitcoin has lost more than $600 from its value to create another market FUD.
However, experts have advised against the FUD in pressuring sellout, but rather implored us to see the present plunge as a rally bringing us closer to another entry level.
Based on XRP’s inability to replicate the momentous rally its displayed when Bitcoin pushed up to its all-time high ($20,000), lots of criticisms have been fashioned around the market performance of the altcoin in recent time especially when it failed to be influenced by Bitcoin’s last significant upside drift.
As such, prominent cryptocurrency trader John Moe who contributes for Coindesk and Forbes, issued a somewhat realistic prediction targeted at Bitcoin and XRP as the market trends low.
Trader Moe acknowledged the presence of the current downward slope but did not forecast a possible bottom limit for BTC. Moe added that if Bitcoin fails to find a solid support soon it would be dreadful for XRP.
Moe said if Bitcoin pulls back to $6,000 level, XRP would get shredded.
— Jonny Moe (@JonnyMoeTrades) August 14, 2019
No intimidation, Bitcoin’s Next Key Level is $10300 – $10325
As the market continues to plunge with a realistic drive to an unknown bottom level, Colombian economist/traders, Alex Kruger, has implored people to be less intimidated by the FUD caused by the overriding bearish power.
Kruger said he’s not frightened as the present fractal will only land Bitcoin at another key level which is around $10300-10325. Trader Kruger backed his claim with the ‘Fear & Greed index’, saying it is currently at the Dec/2018 lows.
Are you afraid?
I am not.
(Fear & Greed index currently at the Dec/2018 lows)
— Alex Krüger (@krugermacro) August 14, 2019
Analyst crypto Bitlord who has a somewhat similar belief stated that 9K lower bolly is unlikely considering the 9.9/10 horizontal support.
Author: Khalid Lawal