New day and new week on the crypto market!
So what's the situation? This weekend has moved us from fear to hope.
The market was a whole bloodbath yesterday. Some currencies lost up to 20% intraday like ETH. Total market capitalization hit a low of $275 billion yesterday. It is back above the $300 billion mark today.
The Bitcoin lost value this weekend but has since recovered well. There are several reasons why we think that the $7400 may have marked a low point in this bearish trend. Google's announcement last week had a strong impact, more than expected, and the market was and is still waiting for the G20 results. We believe that these events are now included in the BTC price.
Nevertheless, according to Bank of England Governor Mark Carney, the crypto market does not pose a problem for the stability of the financial system.
So maybe we're at the dawn of good opportunities! Be careful and use stop-loss anyway.
Here are the main levels to watch in the meantime.