There is more blood on crypto street today. When will it finally stop? Traders that were once calling for a price correction are sad to see a correction of this sort.
More traders bought the dip at different marks before the current price of various cryptos. Worse, most are out of funds to buy the recent dip. Following most cryptocurrencies’ price patterns, things start great in the morning, only to go south toward the day’s end.
Here is the market outlook for today.
The bears are grinning hard with satisfaction as the leading cryptocurrency hit the lowest this month. At the time of writing, a Bitcoin is trading at $44,667, laying various resistance to get a clear shot at $50k.
While most pivot supports failed, the $44k support still stands not tested, which is good news for the bulls as there are enough supports for a rebound. Hopefully, bitcoin will surge and close at $50k or close.
As most coins are affected by bearish capitalization, the Binance coin is no exception. The BNB price pattern is almost identical to that of a stable since the bears took over the market. With the current market sentiment, BNB dropped a spot in the market cap ranking.
To ensure a retracement above the current BNB price, traders must defend the $225 support level and flip various resistance (especially the $235) for Binance coin to end the day a little closer to the $245 pivot point.
Cardano is one of the few coins trading above its pivot point. At the time of writing, ADA is trading at $1.11, which is slightly above the $0.98 pivot point. ADA trading above the pivot point is an indication that it is starting its bullish run.
For the ADA to continue the bullish run, traders must defend the $1.10 support and test the $1.30 resistance. Flipping the $1.30 resistance will set the coin to face the $1.40 resistance.
After falling short of the first pivot support at $28.7 and occasionally testing the $23.5 support, traders will look to build on the current LINK price of $25 to guarantee an attack on the $28.7 resistance.
At the time of writing, on-chain data shows the bulls slightly edging in the battle for supremacy on the coin. More bull is vital to seeing the above resistance come true.
Yesterday was one of the days that had more blood on the crypto street. Will today be different? Fingers crossed.
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Author: Gideon Geoffrey