The red waterfall in the crypto market

This weekend the cryptocurrency market turned red, the main cryptocurrencies of the ecosystem presented losses around 20% of their value, which makes the other altcoins are dragged by this fall.

Many believe that this is due to the comments that Elon Musk made about the damage that the production of bitcoin does to the environment. In my opinion the market has to make a correction and this is normal and healthy.

The question we should ask ourselves is what will be the floor of this fall? Both Bitcoin and Ethereum are making support at a 50% Fibonacci retracement level, will it be enough or will we go for more?

Only time will tell.

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