Hey all!
Will prices crash once more? Or have we reached the bottom of the current movement?
Three weeks ago I wrote about my thoughts about a possible third downturn. The reason was a repeating pattern from March 2018.
https://steemit.com/bitcoin/@jpmay/news-return-of-the-bear-market
The market had then moved merely constant for about 2 weeks, so the downturn last Sunday began with a certain delay. So let's take a look at the bottom of the third and final downturn in April 2018.
The red line marks the level of a trade volume of $ 10 billion. Around this level, the market has been moving for about 14 days after the crash, with some outliers. The following uptrend did not begin until the trading volume increased to more than $ 25 billion.
The current constellation is a little different. The market share of Bitcoin is still at about 40% and not as in March / April 45%. In addition, the preliminary low of $ 265 billion was reached last Wednesday. So before falling below the mark of 10 billion USD.
So where are we? That can not be said with certainty. My assumption is, that the market capitalization will continue to fluctuate in a range of approximately 10 billion USD around the 270 billion USD mark. For how long? Apparently it will be possible for the inhabitants of India to trade crypto currencies again once it's July . At the latest on this occasion a larger movement would be likely.
However, this is just a guess and no recommendation for a purchase or sale.
I wish you a good start into the week.
Your JP