Hey everyone, recently we had a market bleeding situation which many people are saying the reason is due to Mazars. if you are not aware of what is this then they are the organization that audited the proof of resources for big exchanges like crypto.com, kucoin, BINANCE, and yes Binance too. So the thing happened is their website is no longer working and is closed but the weird fact is their main website is still working. you must refer to google for more information regarding this.
But even if you did follow my technical analysis you must have expected a dump right at the moment. Here is the Bitcoin chart with the analysis I have been following for months.
CUB made it's all-time low yesterday with the price of $0.01899 and it is the first time that CUB feel below the mark of $0.02 since its birth. We did get a good volume but it is the selling so it is not a bullish sign anyways. RSI dropped significantly from being in the sold zone to the oversold zone. Holders, fortunately, remain the same amount. For MACD, the momentum for the downtrend remains the same.
Fear and Greed index somehow did not have a bigger drop rather just only 1 point, from 29 to 28 which is shocking for me because in these cases usually there is a very big drop but good to see market sentiments are still not too bearish.
A significant drop in the market cap by 6.5%, which is the biggest of the week. TVL is also affected but not as much as it seems as the market cap got. If you wait for PolyCUB, you will be shocked by what happened to it.
Due to good volume, although it is selling volume, NVT remains in a good position or say a very good one since the start of the week which is a good thing.
Volume, for the whole month of December. Where could we end up to?
This dude closed at its low. The price for polycub was trying to sustain but due to a recent market bleed, it failed to do so and therefore fell to hell. For RSI, it was already oversold and it just fell to become more oversold. Fear and greed index we have already talked about earlier. But here is something interesting, the Polycub transfer number yesterday was 55500, which is an increase of more than 1000% than the ereyesterdays number, insane, right?
Market cap has been severely affected falling by 11% in just one single day, by $20k. This seems like not of a very big number but for a project like Polycub which is still in the growing stage, it is something.
PolyCUB also received a volume of $915 which is the highest it received in the past 6-7 days, unfortunately, it is the selling volume, again. NVT ratio is also going well due to volume generation which is also a good thing but again, selling volume.
I feel there is going to be a little recovery in the price, a little before the next big move although my instincts and chart say that the big move will be negative and we will be dropping further where Bitcoin will test the $15500 level. Let's see how everything goes...
Thank you everyone for your continuous support. Everything shared here are my personal views/opinions and should never be taken as financial advice. Everything here is just for entertainment purposes. You will be responsible for your happening. Be Safe, Be a Lion.
