Today marks the third day of the red candle party for the crypto market. For most coins in the top 100, more support level flipped in the past few hours, dashing almost all hopes of a quick recovery and reaching a new height.
Here is the crypto market outlook:
Amidst the current bearish situation in the market, the price pattern of BTC is an uptrend. At the beginning of the last 24 hours, BTC dropped by 7.9% to record an intraday low of $55,527. After that, the king coin found support and rebound. The rebound caused the coin to hit an intraday high of $57,190.
In the hours leading up to press time, things are following the same path as the last 24 hours. The only difference is that prices did not dip as in the past 24 hours; this is a little indication of price consolidation.
To support the theory above, traders must make the latest dip the last BTC will experience today. To do this, traders must take care to shield the $54,000 from any attack and attack subsequent resistance.
Following the same pattern as BTC, Ether also suffered a price retracement a few hours ago. The retracement is not as low as the previous 24 hours’. With a surge in view, traders must flip more resistance to guarantee a price improvement.
The base support to flip the various resistance is $1,760. Ether is currently trading above this level so it is important that to ensure prices do not drop to the level.
The fourth-largest coin by market capitalization had one of the biggest corrections yesterday as the Binance coin dropped to $246; the lowest in the past seven days. Traders tried rallying the market during the last 24 hours and succeeded to an extent but the coin hit a strong resistance resulting in another dip in the past few hours.
Recovery is underway and to continue the increase in price, critical resistance like $255 must flip and BNB must continue trade above to ensure a close at $256 or higher.
The current price pattern of most cryptocurrencies since the start of the week suggests a new high is on the cards. Could this be the day it finally happens? Fingers crossed.
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Author: Gideon Geoffrey