Altcoin Market Cap received reactions from very critical region
The financial fire that broke out in Japan spread everywhere.
The fear of recessions peaked in the USA, and we saw sharp declines in global markets during the day.
Economists called for an emergency meeting with the Fed, and Chicago Fed Chairman Goolsbee also responded over a question asked to him. Goolsbee said, “Everything is on the table, both about the increase and the discount. The Fed does what the circumstances require,” he said.
We will see how the Fed will take action in the coming period.
The cryptocurrency market was one of the most injured in this process.
Bitcoin had touched the upper band of the descending wedge again last week and was strongly rejected from this region.
The new week also caused a collapse in Bitcoin with the trigger of a global crisis.
Bitcoin has hung below the $58-60k range, which it has been moving above for a long time. The purple re-contacted the area and the recipients in this area took action in a very appetite.
We can expect Bitcoin to move between the purple and blue regions until this chaotic process is over.
At this point, let's say that the 46-49 thousand dollar interval covers the first support zone. The 58-60 thousand dollar interval will also be our new resistance zone.
Bitcoin still continues to move in the wedge.
