2018 Lows Swept
$BTC has dropped nearly 13% over the course of the past 48 hours to a price of $5550 (coin market cap aggregate pricing), with 24 hour trading volume hovering around 6.6 billion. 2018 support around 6k mentioned in my previous posts was broken and panic selling ensued.
This most recent move by $BTC appears to be capitulation for the crypto markets as nearly 25 billion USD has left the space, roughly a 10% drop in the market.
Daily RSI has never been this low, for $BTC, in recorded history.
Usually in breaish markere there is an instance at the close of a bear market where full blown capitulation occurs, similarly to what we have seen in the past 48 hours . We are not yet ready to describe today’s bearish price action as the final punch thrown by bears in 2018 and moving forward, but it certainly feels grim enough to be considered in this way.
Initial analysis has shown that the current price action around $5400 could be a potential turning point for the market but at this point it is safer to let price consolidate at these levels before considering a re-entry.
The $4800-5000 price range for $BTC seems as an area of interest. This would be an optimal entry point to begin accumulating alts and spot $BTC once again.
As bleak as 2018 has been, it is important to, at times, ignore the charts and price action to truly focus on why this space exists and how much it has evolved in the past ten years. Our team is confident in the longevity and profitability the blockchain ecosystem will experience over the course of the next five years. Now is the time to educate and improve ourselves to best maximize our potential when a bull market undoubtedly returns to the crypto space.