Crypto world is still a remarkable phenomenon in the world of many. Over the past weeks, the world has not been favorable to swing traders as the crypto king Bitcoin is on a dogged reversal from $8500 to $7800 and then within just last week it swung down a sudden pessimistic reversal of $6700 with an inverted cup. It resumed this week as though it was going bullish from Sunday morning and then a crashing double bearish candle of $6500 plateaus as the support ready to resume a bullish trend back to $7000 but only hopeful of that if it can indeed have a touch bottom support line of $6200 if and only if the support is not broken but if it does we can expect a continuous reversal to $5900 otherwise, it will shoot to the moon before the week runs out.
This reversal in furthering the explanation is said to run basically on fundamentals, or we could rather say because some whales are hoarding this rise to be able to accumulate so much. Bitcoin closed last year with All Time High of over $19,000. A retracement was of course expected simply because only a considerable rise was expected: say $12000 – $13000 was expected for the All Time High (ATH), but a trader’s phenomenon called FOMO which is interpreted as Fear of Missing Out pushed the price further but some certain margin which eventually created a milestone beyond expectation of daily traders. However, this pessimistic glue of continuous reversal is believed by so many crypto experts and enthusiasts as only a testing moments of this emerging industry and that once it breaks through this moment of a downturn, that it will never return this low.
But generally, it stands that most crypto’s tilapia have much more despaired about the fact that the news around the G-20 might leads to a total termination of Bitcoin and its likes. But in all of this most professionals are telling their protégé to HODL which stands for hold with their strongest hands not just with empty hope but with the assurance that most emerging industries often have to face this kind of notorious persecution. Reinforcing, most professionals are saying that even if the case comes to the worst, Bitcoin will never fall below $5000.