Downtrend on Tuesday
The BTC bulls despair of the 11800 USD mark. As a result, the price falls by over 350 USD. The Altcoins have to accept even greater losses. Is this the beginning of a new downtrend? We take a look at the current market situation.
At the time of writing, the market leader is quoted at USD 11453, which represents a daily loss of 2.57%. Despite a 24-hour rise, the bulls are unable to cross the trend line at 11800 USD. Thus, a picture emerges that we last saw at the USD 10000 mark. Again and again the bulls’ attacks failed. A short time later, the No.1 crypto currency entered a long consolidation phase.
Repetition of the events
At first glance, many parallels to the situation after halving can be seen. However, one should not forget that Bitcoin has since been able to break away from traditional markets. Today, Tuesday, the S&P 500 rises by 0.034% and the Dow Jones loses 0.52%. A direct correlation to the crypto market can hardly be deduced from this. It seems that other motives are behind the current dump.
So what happens now?
After bouncing back on the trend line at 11800 USD, traders are now focusing on support at 11400 USD. This is the area where the 100 EMA is located, just behind it digital gold would be heading towards the 11000 USD mark. On the upside, the next resistances are at 11600 USD and 11800 USD.
Bitcoin Dominance Index rising
Although Bitcoin suffered a setback on Tuesday, the BTC Dominance Index rose to 59.3%. Thus the leading crypto currency can regain important market shares, while the alternative assets have to accept partly bitter losses.
Ethereum again below 400 USD
Ethereum cannot maintain the level at 400 USD. After a downtrend of 4.74%, the smart contract coin is trading at USD 383 in the evening. Now the support lines at 380 USD and 375 USD are moving into the focus of the traders. After the annual high of approx. 450 USD, many indicators initially spoke for a direct breakthrough to the level at 500 USD. Investors must first say goodbye to this.
What are the other Altcoin doing?
Only Cosmos (+ 5.32%) can present green figures in the top 20 on Tuesday. Tezos (- 8.63 %) and Cardano (- 6.68 %), on the other hand, are going downhill. Chainlink must also clear the coveted 5th place in the crypto charts. With a bull run of 70%, Kusama conjures up the strongest performance on the crypto parquet.