News & general economy: Dow Jones index plunged by 1,000 points in a single day after Fed Chairman Powell's hawkish tone The correlation of crypto assets with the US stocks market has been increasing significantly in recent years High-risk commodities such as Bitcoin, their decline were even more pronounced after panic selling.
Technical analysis: Fibonacci: 6/19 lowest and 8/15 highest 25211 as the benchmark. Currently, price at Fibo 73.6 (19640) seems to have temporary support Currently, the overall quotation of cryptocurrencies is based on how the US stock moves Unsure when the US market will defy bad news and be stabilized.
If the price falls below Fibo73.6 (19640), the green block (18610-19120) will provide initial support It’s difficult to reverse the overall quotation with just one bottom after plummeting from this year's high point. If the price fall below the green block, it may backtest the lowest point (17622) The bullish way regains its momentum, wait until the price stands back to Fibo50(21426)
Personally feel it needs to make the second bottom, and consolidate between 18360-19090, then it is more stable to go upside.
All is just personal opinion, not investment advice Any discussion is welcome!
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