Bitcoin Price Dead Cat Bounce: Dont get fooled

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.

 

Bitcoin Price Analysis

BTCUSD hourly chart
BTCUSD hourly chart

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.

 

Ethereum Price Analysis

ETHUSD hourly chart
ETHUSD hourly chart

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”.

 

You are advised to do your own market research before investing or trading in any cryptocurrencies or digital assets. These are just the viewpoints of the author.
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17 comments

  1. I’m looking at this as a buying opportunity. Find projects that have an actual product and team (Brave in the Advertising space, Sia or Storj in the distributed data space are a few examples). I use Brave on a daily basis with tangible results (fewer advertisements, the ability to tip content creators) so I’m confident in my investment. Find something that piques your interest and that immediately benefits you and you will begin to see the potential that some of the technologies have. A massive pruning process will be required to weed out a good portion of the scam coins and useless projects, but we will see some of these technologies put a stake in the ground and cause massive disruption.

  2. […] After falling to $3,550 over the past few days, Bitcoin has since jumped back to as high as $3,900. Whether this bounce has any legs remains to be seen, though. According to some analysts, speculators may be just “buying in order to cover their positions,” and the market could presently be just experiencing a “dead cat bounce.” […]

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