Bitcoin and Ethereum Falling or Tripping over?
“The smart investor doesn’t make any assumptions, the smart investor gather clues and act upon them in silence.”
Many stated in the past that bitcoin and Ethereum would climb forever, more than that the two crypto giants would fall after seeing the devastating fall at the start of 2018.
We have seen huge volatility in the crypto market and we are still witnessing the uncertainty and fear between the investors.
Frank Cappelleri of Nomura Instinet stated that Bitcoin needs to rise roughly 28% from its current levels for any type of rally to hold.
Another analyst said on CNBC that it’s important for Bitcoin to hold support around $6,747 this week. If it falls there is a great possibility to fall as low as $2,000.
Now the devaluation of the actual price of the popular coins is not the only problem actually the problem starts from lack of correct infrastructure to secure the coins from hacks, but as well from the lack of regulations to protect investors.
One can argue that the blame falls on the tiny exchanges shoulders and one of the reasons is the recent hack of Conrail that lost about $40 million.
Others claim that the recent Crypto slide has nothing to do with the hack but more on the manipulation of the actual crypto market.
Now holding coins can be painful due to the fact that we can easily see falls more than 15% in 24h.
Cryptos are struggling to hold since the major hits from regulators, hackers and advertising bans.
As for the Technical aspect, we can see that both Bitcoin and Ethereumseem to be in a bearish mode based on the popular Ichimoku system.
Both are below the cloud and the lines of the system are in bearish formation.
Based on the clues we have we need to see a very rapid change in the infrastructure of the popular coins for the investors to gain trust once again.