Market Drops Drastically In 2019 First
On Wednesday night, The Crypto Dog, a leading analyst, took to his Twitter page, which sports over 100,000 followers, to draw attention to the /USD chart, noting that something might happen soon. The chart, which accentuated ETH’s wedge formation, indicated that a breakout (either up or down) was slated to happen.
whatever gonna happen I think it might gonna happen soon
— The Crypto Dog📈 (@TheCryptoDog)
Just hours after his tweet, Ether, along with and the rest of the market (save for ’s), began to plummet, basically out of nowhere. Crypto Dog subsequently took to his Twitter, writing “it did” in an evident nod to his previous post.
At the time of writing, per data from , is down 5.2%, with the asset currently finding a foothold at $3,850 a pop. This is the first time that has been under the $4,000 price level, widely regarded as a key psychological level, since January 6th.
It’s pretty much blood red across the board.
has posted a jaw-dropping -9.66% performance, a tinge away from double-digit losses, as the preeminent corrects following its monumental recovery after it hit $80. XRP actually outperformed , posting a relatively strong 4.1% loss, moving to $0.3548 a . Most other leading , save for Coin (-11%) posted percentage losses in the mid to high single-digit range.
This broader market downturn, which some have argued is a sudden meltdown, has brought the aggregate value of all down to $130.6 billion. And unfortunately, this move is backed by volume too, as exchanges saw an influx of pressure as briefly became a falling knife.
It remains to be seen if further plunges are expected, but taking volume into account, a move under $3,800 for isn’t out of the realm of possibility.
Coindesk Crypto Analysis Team “Neutral To Bearish”
CoinDesk’s market analysis team recently took to Twitter to give an updated outlook on the price, factoring in the recent hourly red candle. The markets arm of the crypto-friendly media outlet claimed that they are “neutral to bearish,” drawing attention to ’s inability to break above its 50-day EMA and month-long “neckline.”
EU Snapshot
OUTLOOK: Neutral to bearish
dropped $300 in last 60 minutes, validating bull exhaustion, signaled by back-to-back doji candles.
Pullback was expected as discussed here
— CoinDesk Markets (@CoinDeskMarkets)
Interestingly, the aforementioned market pullback was predicted by the team, who discussed the matter earlier Wednesday.
Bloomberg Seems To Be Bullish On bitcoin [BTC] (Surprisingly)
Although Coindesk’s analyst team painted a short-term bearish future for the leading , Bloomberg, which some have argued is the anti-Coindesk, recently released a series of articles claiming that ’s technicals are looking fine and dandy.
Per previous reports, the GTI Vera Convergence Divergence was purportedly “” last week, as the measure indicated that had entered its “longest buying streak in six months.” Just days later, the outlet that the Directional Movement Index had crossed into a positive zone for the first time since mid-November, “ending ’s ‘very strong’ selling streak.”
Just today, the business-centric outlet explained that the GTI VERA Bands Indicator, purportedly widely-used and well-respected, which tracks longer-term trends, indicates that is poised to breakout to the upside. Per Bloomberg, the bands are starting to converge, supposedly indicating that a price swing is in the works.
However, considering that the aforementioned bit of analysis was released prior to the recent move, maybe the swing implied was one to the downside, rather than the expected drastic rally.
Title Image Courtesy of on
Published at Thu, 10 Jan 2019 09:08:43 +0000
