Hello guys Eagle--Traders here.
To understand the reason for bitcoin dumping, we have to go through a little technical analysis and then interpret some fundamental data.
Let me summarize those reasons in bullets.
Technical Reasons
There was a large (BTC FUTURES) CME Gap between 117,460-119,105. And market really respects these CME Gaps. You can even back test these CME Gaps.
BTC had recently broke out from the BULLISH FLAG PATTERN at 1D Timeframe. BULLISH FLAG PATTERN is a clear indication for uptrend but a retest was left behind, which is now happening in the present in the form of corrections.
Fundamental Reasons
1. Today PPI( PRODUCER PRICE INDEX) has released which was higher than
expected due to which market took corrections.
Due to all these reasons BTC dumped along with which almost whole crypto market took corrections.
Eagle--Traders
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