Technical– Main Actors in this fall are none other than Technical Traders, there was already a long time bearish trend, negative news appeared on the floor with technical factors for a sell-off across many timeframes.
Weekly-We just witnessed the same thing which happened between the first and second week of November 2017 as in weekly chart below, Price was exactly on the same point last week as it was on Close of the First week of Nov 2017 , Price felt at the start of next week and kept falling, which created a Resistance for further trading in a very strong timeframe , Price touched that level again this time except there was more resistance this time ,MA(21) was just above the closing So Resistance got further support in this Timeframe.
H4– Weekly Resistance level was quite visible during H4 timeframe quite a many bars before, 18 bars were between touching the level first and then ultimately falling down unable to break it , Its quite visible in h4 chart below regarding weak support it had shown but strong resistance upside with very small size bars signaling to fall on other side, That’s when sentiment of Traders kicked in .
Sentiment-With weeks of positive buildup a sudden halt for 3 successive days causes enough stress on your mind especially when you are on a high leverage include that with some negative news with a strong technical resistance ahead , Crypto Bulls caved in and closed their positions with sellers coming to moment and causing a massive fall, which due to rumors led a lot of other to believe that its due to news and then further selling caused bitcoin to plunge more and with the king other cryptos too fall, some less some more, a host of reasons caused that fall, not just rumors.
What’s ahead Now- Since BTC and crypto are following almost the same trend for weeks, based on BTC chart, it is predicted that since Weekly resistance Zone is holding over a year till now, it’s acting as a formidable barrier to cross and its not expected to be broken anytime soon unless some really bad news, As long as its above the Zone view is HOLD on Bitcoin and cryptos will follow.