The market is crashing where the price of Bitcoin is being dumped again. If the market is crashing then what is the reason for this. Can a bigger dump than this happen in the coming days? If we look at the alt coins, they are also being dumped in a bad way. If we have to look at the entry point inside the alt coins then which area could it be. Let us understand.
First of all, let’s talk about Bitcoin. Why is Bitcoin falling? Bitcoin has two levels, the first level is $92000 and the second level is the zone of $82000 to $85000. Bitcoin has finally touched the $92000 zone. It has definitely jumped from there but it can come again for retesting. This week will be important. The crushing area is $92000. If it does not hold, then there is a high chance that we will see it between the zone of $82000 to $85000 very soon.
Therefore the coming days are very important, specially we have to see how the weekly closing will be. Because when the candle formation will happen then we will get to see the best. Because till now it is not giving a clear indication whether it can be a bullish turn or a bearish turn. For that we will have to wait a bit. For now we have to see the level of $92000 which is currently being retested to see whether it holds it or not.
What is the reason behind the market crash? Let’s find out
Now if we talk about the reason for the market crash, why are we calling it a market crash with faith. Whenever a market crashes, there is some reason behind it. One reason could be which most of the people are talking about, that a new virus has come, HMPV. About which WHO has said that it causes floods in winter time, it is not such a big deal. Ever since Covid has happened, news of some virus or the other keeps coming. Now we have to see whether the situation turns right or not, which will be known in the coming time.
This could also be a reason:-
One reason could also be that the DOJ in America has given the clarity that they can sell $6.5 billion worth of Bitcoin under Silk Road, they were confident that they can sell it, there is a little fear regarding Bitcoin.
Usually, when the government sells bitcoins from Silk Road, it does not sell it through exchange, it usually sells it through auction. If someone wants to buy it through auction, he can do so.
Finally, if we see, then a little correction is very important if bitcoin has to go up.This is not the first time that the consolidation phase is coming, it always comes before the special rally.
One reason could be the selling of ETFs as well :-
If we look at the ETF market, we can see more outflow in the last few days. There is buying in between but mostly selling is happening.
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Buy Alts Coin :-
There is an opportunity inside the bull market to buy an Alt coin, enter at the right time and exit at the right time. We should buy a coin only when that coin is dumping coins. Buy the coin which has fallen by 20-30℅ rather than buying the coin which has risen by 20-30℅. Leave the coin which has already risen, if you want to buy that coin then wait for it to fall. Make a list of about 10 to 15 coins, then find out their level and buy the coin in which you see an opportunity. If you look now, the alt coin season has not arrived yet, some coins have become 2x 4x 5x 10x but actually the alt coin season has not arrived yet.
You can see some Alts Coin :-
Solana
Solana has two levels, one level is from $176 to $180 which has already been touched once and can come for retest a second time. If Bitcoin does not hold at $92000 and comes down, then Solana’s next target can be the level of $161.
XRP
If we talk about XRP, the better zone will be $1.9 and the worse zone will be $1.5.
SUI
There are two levels of the needle to be seen. The first level is $4.3 which has been tested many times. The second level is $3.7.
Binance Coin
If we talk about Binance coin, Binance always tries to perform their coin because this coin is very important for them, they keep bringing out a lot of use cases for their platform. You can also see two levels of this, the first level is $640 and the second level you can see is $574.
Ondo Finance
If we talk about Ondo Finance, its first level will be $1.12. If we look at the second level, it will be $0.87 to $0.80.
Disclaimer
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