Today, the bulls have succumbed to the bearish pressure.
Dow Jones has fallen. I'm surprised that Bitcoin dropped after Dow and not before.
Now I think that all we have to do is look at the market. Bitcoin may not recover if the stock market didn't....
At least now its getting clearer as to why the price plummet last October 10/11, 2018. Its because of the Dow crashing that affected other stock market as well in Asia and in Europe and has the domino effect in crypto as well.
But the dust have settled already and everyone has bounce back a bit including crypto market. So there's no bearish pressure after all, it was a result of the global market meltdown that trickled to crypto as well. So we can conclude that indeed there's some correlation of sort between stocks and crypto market.
I am actually getting to hear that news at the moment. I never imagined there could be some external effect of Dow Jones on the crypto market as well. Dow index at the moment is pretty much showing a good sign of recovery, so if this is actually true, then, let's assume there could be a possibility for some market growth before the end of the year.
Nonetheless, I am still of the opinion that the crypto market was plainly over bought and was due for correction and nothing else, and it is that correction we have had already now and possibly, some probability that we could at least recover from here.
