Final week was the worst for the cryptocurrency market ever. It went by way of the largest crash ever, overshadowing the retreat in early 2018. Elon Musk and Tesla pulling out of BITCOIN gave the crypto market the primary kick down, then the China crackdown on crypto mining despatched one other shockwave throughout the market, crashing it decrease.
Bitcoin fell to $30,000, shedding greater than half its worth, whereas different cryptos like Litecoin and Sprint misplaced greater than that by way of their respective worth. LITECOIN fell from $420 to $120, which suggests shedding practically 3/4th of its worth.
The crash in Dash coin was comparable, because it fell from $460s to $130s. Though, it looks like the crash has stopped in cryptocurrencies now, with sellers unable to push to new lows within the final two days. As an alternative, lows have been getting greater, which is an indication of a bullish reversal.
Patrons are pushing the lows greater slowly in DASH/USD
Apart from that, the shifting averages which had been offering resistance on the best way down have now became assist. The 50 SMA (yellow) which was damaged yesterday became assist in the present day, whereas the 20 SMA (grey) caught up as nicely and is now including to that assist on the H4 chart. They’re gradual to push greater since merchants are nonetheless unsure, however no less than they’re not declining.