Bitcoin Down 14% in A Day – Total Market Cap Bleeds 30$ Billion

What goes up must go down. Everyone knows that, even if we don’t like it the same goes for bitcoin and altcoins. Investors woke up this morning to see the market bleeding 30$ billion and BTC at 9400$.

There are several news that could potentially be the reason behind the price drop such us the recent tweet of U.S. president Donald Trump.

A correction on the price was expected at some point thought. Even if it is the news or crypto-economy that is responsible for the price increase of the last months, the correction should be a healthy thing. So far BTC is still on track with the general upwards trending line but seems to have broken below the short term trending line for now. In other words things at the moment are very fragile to say what will happen tomorrow.

Bitcoin price
Daily BTC chart with trending lines

As we see in the chart we would expect a 10% price drop in the next few days or move sideways for 1-2 weeks until we hit the general trending line of BTC (Down line on graph).

Bitcoin Telling Us It’s Story

In my personal opinion without giving any financial advice to my readers, the graph looks like a small copy-paste of the price action that happened on December 2017.

Bitcoin price charts comparison
BTC price chart comparison of previous ATH with current price action

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