cryptocurrencies melting fast enough to create the nightmare of the century in 2022. I had warned that the double top formation by November 2021 was already charged on November 10, 2022. I wrote an article about this steep decline in the Bitcoin-Prices noted.
Technically, bitcoin started a steep upward move on a monthly chart in March 2020 after testing a low at $3937 and hit its first lifetime high at $64,400 in April 2021.
Shortly after testing that first life in April 2021, Bitcoin experienced a steep decline and tested a low of $29,350 in July 2021 before resuming an uptrend and hitting the second life high of $8,930 in November 2021.
I pointed out this formation of the double bottom in a video when analyzing the movements of December 11, 2021.
Computer hacking had already developed various developments in this decade. Hackers have been encouraged to take part in various types of wars between countries to prove themselves as the most powerful nations since a sudden spike in US-China trade war tussles in October 2018.
After Russia’s invasion of Ukraine on February 24, this cryptocurrency war appears to have taken on new dimensions, as the sanctions that the US and other western countries have imposed on Russia could encourage Russian hackers to hijack the monetary systems of sanction makers to disturb.
The sharp decline in cryptocurrencies could last for a long time as governments in most countries appear to fear losing control over the regulation of crypto-generated wobbles in the stock and forex markets.
I then explained the retracement zone in case of such a drop. Let’s wait and see how governments take action on this front to tighten their grip on their monetary control. These tightening efforts will determine the future direction of cryptocurrencies.
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Source: Crypto News Deutsch