Crypto Markets Shed $10 Billion as Bitcoin Double-Top Pullback Begins
Crypto Guide
Live News

Keeping up with all the cryptocurrency news and updates is not an easy task, but we are up to the challenge! This way we can help our readers to keep track of changes in these fast growing currencies. Just like our site, is willing to face this challenge and on their site, they compile the features, key elements, and recent news involving bitcoin casino sites and which are the best to try!

Crypto Markets Shed $10 Billion as Bitcoin Double-Top Pullback Begins

May 23, 2019      Cryptoknowmics

The longer Bitcoin price remained stuck at resistance around $8,000, the more likely it was to correct. Just yesterday analysts were talking of a big run up over $9k but that has all changed during Asian trading this morning as a pullback has initiated, dropping over $10 billion from crypto markets.

A few hours ago Bitcoin plunged 6.7 percent from an intraday high of $8,040 to $7,500 according to Since then it has recovered marginally to trade at $7,640 but the long-awaited pullback appears to have finally begun.

 Bitcoin Double-Top

Checking the charts shows a clear double top formation, which BTC is now pulling back from. Since breaking the $8k barrier on May 13, Bitcoin price topped out at just over $8,300 three times but failed to break through. Analysts are now eyeing support zones to see how low Bitcoin will go.

BTC price May 2019 –

Yesterday there was talk of a surge over $9k but there was also the notion that Bitcoin has yet to have a 30% correction during the current rally which started in February. A pullback of this magnitude would send Bitcoin back to the $5,800 area.

READ  Bitcoin Will Reach $10,000 After A 54% Drop, Tom Lee Predicts

According to crypto trader ‘The Cryptomist,’ who forewarned about this drop, there are two levels of support to look out for;

.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.

Trader Josh Rager, however, is not concerned as he sees the current pattern holding horizontal supports;

$BTC still in this condensing formation and held by horizontal supports. Not a lot has changed which shows that you don’t have to stare at charts all day – waiting for that next massive candle.

$10 Billion Dumped

Either way, over $10 billion has been dumped from total crypto market capitalization which was at $250 billion this time yesterday. At the time of writing it had dropped below $239 billion and was still falling. As usual the altcoins have been hit harder with several suffering double-digit losses.

READ  Binance Lists Oasis Network With Three Trading Pairs

Ethereum has lost over 5 percent and is heading back towards $240. Stellar and Cardano are both losing around 8 percent while XRP and Bitcoin Cash are not far behind with 6 percent slides. In even more pain is Bitcoin SV, Cosmos and NEM dumping 11 percent apiece. There are very few altcoins escaping the red tide today as Bitcoin heads for lower levels in a move that many had anticipated and even welcomed.

Go to Source
Author: Martin Young

#Bitcoin Price Prediction #Crypto News #Cryptocurrency #Cryptocurrency News #Technical Analysis

The dynamics of Crypto Fraternity is changing at a lightning speed. Access to most critical information in a timely and curated manner is extremely critical for the health of your investments. Cryptoknowmics is the fastest platform to bring and deliver news and critical information from above 3000 sources at your fingertips. We cover almost all aspects of cryptoworld from exchange, tokens, coins, dapps, ICOs, IEOs, STOs, events, airdrops, jobs, services, wallets, etc. We strive to be the complete solution for your crypto needs.