Summary
TLDR: The cryptocurrency market is experiencing a strong corrective phase, with a potential further decline of up to 10%. Key support levels have been breached, suggesting a possible downturn to around $1.45 trillion. Indicators show a bearish trend, with a possible 11.6% decline on the horizon. Bitcoin is at the 0.382 Fibonacci support level at $60,300, with next supports at $51,000-$52,000. Always conduct your research before making financial decisions.
Key Points
1. The cryptocurrency market is experiencing a strong corrective phase, with the potential for further decline of up to 10%.
2. The market has corrected approximately 23% so far, breaching key support levels such as the 50-day EMA and the .382 Fib support at around $2.237 trillion.
3. If the crypto market experiences a significant downturn and breaks below the Fibonacci support range between approximately $1.9 trillion and $1.96 trillion in a bearish manner, the next significant Fibonacci support level would only be around $1.45 trillion.