Why don't Altcoins pump?
Has Bitcoin's decline finally begun?
Bitcoin has now collapsed after the wrong pump. Back when we saw this pump in BTC / USD, we discussed that this is a trap and the price will continue to fall after that. It finally happened and we can now expect a downward trend in BTC / USD in the coming weeks and months. Before that happens, however, I wouldn't rule out one final move to the $ 8,200 mark. The reason we expect another downtrend has more to do with larger financial markets than the chart of Bitcoin or other cryptocurrencies.
Recently, WTI Crude Oil experienced a wild volatility movement that devastated the commodities market
We saw BTC / USD give up most of its gains and start a downtrend. The correlation with commodities in Bitcoin seems to be carefully staged as we know that most trading activity in Bitcoin Code is dominated by bots and algorithms. More than 90% of this is wash trading and is therefore carried out in a systemic manner in order to meet the expectations of the major players in this market.
We can see on the ETH / USD chart how Ethereum and other altcoins did practically nothing while Bitcoin kept pumping. If Bitcoin goes back now, those coins will end up losing even more ground. Even if BTC / USD gets back to where it was, these coins will fall lower than they were. Bitcoin's price has found support at the 38.2% Fib extension level at $ 7,851 and therefore can rebound higher towards $ 8,200. Ethereum (ETH.D) dominance has since declined with no signs of a possible recovery.
As before, the EUR / USD forex pair has fallen below the 200-day moving average
Interestingly, the USD / CNY pair did the same. This, combined with the drop in oil and gold prices, shows us that whales and market makers are running out of reasons to artificially increase the price of Bitcoin and other cryptocurrencies.
The developments in the Middle East that created confusion and uncertainty in the market have now come to an end. Tensions between Washington and Tehran have eased after Iran's recent strike, which ensured no casualties. Afterward, President Trump announced that no Americans were killed in the attack. This could be a sign from Iran that it does not want war. The US has already made it clear that it does not want any further escalation. These developments suggest that markets could resume business and resume what they previously determined.
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