As we already reported in our coming altcoin news, the pullback has begun and wiped away $14 billion on the market overnight, taking losses from almost every single coin. Many analysts think that Bitcoin to 6k is a big possibility now, after scanning the charts and looking for support zones.
Meanwhile, BTC has spent the past three days trading sideways below $8,000. Ever since its meteoric rally to $8,300, BTC has hit resistance twice and pulled back sharply twice. Aside from the Bitcoin to 6k reality, a weekend dump to $7k was quickly recovered as the charts now show.
During the morning Asian trading session, Bitcoin managed to fall 4% to an intraday low of $7,620 but later corrected more, going below $7,500. The steep decline made a lot think if Bitcoin to 6k is the next scenario in the latest cryptocurrency news. Unlike the previous minor correction when BTC dropped like a stone, this is a more gradual descent (for now) until the price of the most dominant cryptocurrency finds support.
Speaking of dominance, Bitcoin sits at 57.1% dominance which is relatively good for it, but not that good from the perspective of the latest coins featured the altcoin news which are all losing dominance on the market.
According to the crypto trader ‘The Cryptomist’, the drop was expected and Bitcoin to 6k is a reality if it continues:
“Forewarned this drop earlier, and secured most of this month’s profits. I expect us to drop further and test support upon 7.4k region. 1D Rsi still needs to drop. If this support breaks, 6.8k is next regional support,” he tweeted.
Forewarned this drop earlier, and secured most of this months profits.
I expect us to drop further and test support upon 7.4k region
1D Rsi still needs to drop
If this support breaks, 6.8k is next regional support
Trade safe loveys 😊 pic.twitter.com/zek3UQY6mi
— The Cryptomist (@TheCryptomist) May 22, 2019
If the correction continues, Bitcoin to 6k could be the next thing we see this week. However, many analysts are also eyeing the $6,400 level as major support and some predict a 30% retracement. This was the most traded price in 2018 and therefore a return to it does not seem to be too farfetched.
“Close below the 10 ema on this chart (different because futures did not open until 2017). The area circled would fill the gap, btw. And, it would tighten up the Bollinger Bands. See what happens over the next few days or next week,” the Twitter analyst CryptoFibonacci tweeted.
$BTC Daily Chart. (non Futures).
Close below the 10 ema on this chart (different because futures did not open until 2017). The area circled would fill the gap, btw. And, it would tighten up the Bollinger Bands. See what happens over the next few days or next week.#BTC pic.twitter.com/Z1x9aV3m5Q
— CryptoFibonacci (@CryptoFib) May 23, 2019
The dip today pushed the market cap below $240 billion, and the altcoins are getting punished as usual. Many best cryptocurrency news sites predict that it will extend in the next day or two.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]