Bitcoin market jumps up high up to $3900 in just a matter of minutes but you shouldn’t get fooled by speculators buying in order to cover their positions.
There are no major volumes in this bead cat bounce as not much the big whales know the trust and do not wish to buy at hights. The major support level of Bitcoin lies at around $3550 which the market broke sometime back. Now after this support, the major support lies at around $3200 where the analysts predict the market will reach today.
Same as Bitcoin, Ethereum price also experienced a dead cat bounce with the price rising from $98 to $114 within minutes. Same as BTC, the ETH market also doesn’t have significant volumes at this stage. The price is expected to fall below $100 again very soon.
Cryptocurrency Market is experiencing the worst days of the year with the price of all cryptocurrencies falling at least 20% and the market capitalization falling beneath $20 billion. At the current situation, the traders shall not panic sell or panic buy but rather study the market first and then make a move.
Famous Wall Street trader Warren Buffet had said it right: “Be fearful when others are greedy and be greedy and others are fearful”.