Legacy and crypto markets started to recover today. This is due to traders being nervous that the second round of economic stimulus might be postponed.
While Bitcoin’s price is recovering today, this exposure of potentially illegal behavior by banks will only boost the narrative for why investors should buy Bitcoin.
The coronavirus pandemic, which increases every day, has led to panic selling by traders who are dumping equities, gold, crude oil, and cryptocurrencies instead of purchasing the U.S. dollar.
Bitcoin
On Saturday, September 19, Bitcoin turned down from the 50-day simple moving average and stood at $11,225. It continued to brake under the 20-day exponential moving average $11,781 and support $10,625.
The bears will endeavor to sink the value under the $9,835 support. It could result in panic selling that can move the cost down to $9,000.
According to critics, If a strong rebound followed this fall, it would suggest that the bulls are accumulating at lower levels, which might attract some consumers.
Suppose the Bitcoin pair loses to recover from the lower levels. In that case, the rebound is likely to take much longer as the bulls will wait for a bottoming formation to complete before purchasing.
If the pair bounces off the $10,000–$9,835 support, the bulls will attempt to push the cost over the downtrend line.
Ether
On September 20, Sunday, Ether’s recession stalled close to the 50% Fibonacci retracement level of $398.263 and turned down.
The next support on the downside is $308.392, and below it, $288. If the Ether bounces off this support zone, it will prove that the bulls accumulate on dips.
It has to be mentioned that the bears are uncertain about giving up their advantage. They will try to stall any pullback attempts at the downtrend line and then at $398.263. If they succeed, it will boost the chance of a break below $288.
