Bitcoin Takes A Tumble - Creates Great Buying Opportunity
Cryptocurrency markets are taking a slide in marked downward direction this weekend, and many have been hit hard, including Bitcoin.
Last weekend we saw the market consolidate and everything looked steady and secure and moving toward a technical analysis triangular formation. Then simply on Saturday the US Commodity Fututures Trading Commission and the US Justice Dept rerevealed that they had subpoenaed four major exchanges while looking into their cryptocurrency price manipulation investigation.
Manipulation of the cryptcurrency market has been suspected for many months with the market displaying unusual strong up, and strong down movements.
Today's drop is harder to put the responsibility on as it could have been an after effect from yesterday's headline in the press. Some have also blamed it on the small exchange from South Korea Coinrail being hacked this weekend for $40Million.
BTC Market Actions Show Steep Drop
On Sunday, June 10, BTC markets are down 9. 8 percent and over the previous 7 days. Therefore almost all of the losses took place this weekend as BTC unpredictability was fairly nonexistent at the beginning of the week.
Right now BTC's overall market capitalization is around $115Bn with Bitcoin dominance at around 38%. Trade volume is weak. The top cryptocurrency exchanges today, swapping the most BTC are Bitfinex, Binance, Okex, Huobi, and GDAX.
The Japanese Yen is dominating BTC currency pairs today, commanding more than 60% percent of BTC trading at the moment. This is followed by the US$ at 19. 2%; Tether USDT at 13. 5%; the EURO at 2. 7%; and the KRW at 2. 2%.
With a quick look at the charts, they are showing the BTC bulls have been able to muster up some strength to boost the BTC price above $6700, however it was a real struggle. The latest 4-hour technical analysis chart show the two Moving Averages have a good sized distance between them with the 200 SMA well above the 100 SMA trendline.
This means bearish movements may continue short term and markets near a triple bottom. The MACd indicator is going downwards and RSI levels are incredibly low too (15. 78) indicating oversold conditions are prevailing. The daily Bollinger Bands will definitely find a significant coil and potential buyers (bulls), are all looking to get in below the current vantage point and are itching themselves to make a significant move into the market at these extremely affordable prices.