Senior technical expert states crypto will continue down pattern for weeks

Senior technical analyst says crypto will continue downward trend for weeks

Despite Bitcoin losing half its worth over the last couple of weeks, and the majority of the remainder of the crypto market faring even worse, Julius De Kempenaer, a senior technical expert at StockCharts.com, states that the plunge is not going to stop whenever quickly. 

According to a just recently released  post today on Business Insider, cryptocurrencies have actually seen their worst fall given that the top of the last booming market at the end of 2017. 

De Kempenaer states that the worst is yet to come. 

The senior expert has actually developed a tool to track patterns in property costs called a Relative Rotational Graph (RRG). The chart has the 2 axes of momentum and relative strength. Supposedly, rate of a possession will follow “& ldquo; an approximately circular pattern”& rdquo;, crossing through 4 areas entitled “& ldquo; enhancing, leading, deteriorating, and lagging”& rdquo;. 

DeKampenaer states that his chart anticipates that cryptocurrencies will continue to typically underperform the dollar. Talking of his chart, he mentions that possessions that remain in the yellow quadrant and heading for the red quadrant are looking bad and are most likely to fall in rate.  

 

Source: Business Insider/Stockcharts com 

“I’m afraid we haven’t seen all the weakness in crypto yet. The whole crypto space versus fiat US dollar is weakening, and according to the RRG, which is showing you the relative picture, that’s not going to change anytime soon.” 

De Kampenaer does state though that if financiers wish to remain in cryptocurrency, they need to most likely adhere to Bitcoin, since this is the “& ldquo; most safe & rdquo; of the cryptocurrencies. Most other cryptos underperform Bitcoin in regards to momentum and relative strength. 

 

Source: Business Insider/Stockcharts com 

“This is a weekly RRG, so this is looking at relatively long-term trends. These tails don’t change around very easily, very rapidly. So I think this is going to hold for a couple of weeks, at least.” 

However, despite the fact that Bitcoin is the greatest of the cryptos to hold, De Kempenaer is not especially bullish on it. He states that there is a problem because when rate increases, trading volume decreases. On the other hand, when rate decreases, trading volume boosts. He sees this as an indication of higher selling than purchasing need. 

The senior expert states that he has a high degree of self-confidence that if the Bitcoin rate drops rapidly listed below $30,000, then he sees it reaching $20,000 due to the unfavorable down momentum. 

Disclaimer: This post is offered educational functions just. It is not used or planned to be utilized as legal, tax, financial investment, monetary, or other recommendations. 

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John Lesley/ author of the article

John Lesley is an experienced trader specializing in technical analysis and forecasting of the cryptocurrency market. He has over 10 years of experience with a wide range of markets and assets - currencies, indices and commodities.John is the author of popular topics on major forums with millions of views and works as both an analyst and a professional trader for both clients and himself.

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