Bitcoin [BTC] had a fairly eventful week as the price tested yearly highs but then fell back to fill the gap till $8000. However, on a weekly scale, the closing price near the opening indicating indecision in the market. Jacob Canfield expressed the market sentiments back his TA,
#Bitcoin Analysis – Indecision In The Air At $9,000. – Bearish Weekly Closing – Low Volume On Rally – Trend lines Need To Hold…
With over 55% gain in the last month, the uncertainty has led to a further correction as the price is forming support near $8000. BTC tested a low near $7800 on Tuesday, 4th June 2019. The price of Bitcoin [BTC] at 2: 30 Hours UTC on 4th May 2019 is $7980$. It is trading 6.65% lower on a daily scale.
Ethereum, Bitcoin Cash [BCH] and Litecoin [LTC] Test Support Levels
Ethereum, Bitcoin Cash and Litecoin are testing key resistance and support levels at $250, $400 and $100 respectively. There is an apparent similarity between the daily charts of Bitcoin and some altcoins (like Ether here).
Litecoin [LTC] also recorded similar price movements as it touched a high and low of $122 and $114, respectively during the last week. Currently, it is testing support levels above $100. The price of XLM at 3: 40 hours UTC on 4th June 2019 is 103.94.
XRP and Stellar Prices Drop As Well
XRP which was looking to break-out has fallen back to support at $0.41 as well. Moreover, Stellar (XLM) dropped proportionally to Bitcoin as well. The losses in most altcoins are in the 7-10% range, which is affected by BTC.
EOS, Cardano, Tron Bullish Momentum Reversed
EOS and Tron rose impressively in the past week, riding on announcement anticipation and development news. The prices of these cryptocurrencies dropped by 11.4$ and 10.2% respectively.
The price of Cardano’s ADA at 3: 40 hours UTC on 4th June 2019 is $0.087. It is trading 8.69% lower on a daily scale.
Cosmos [ATOM] was the only currency trading in the green with over 8.45% rise. The cryptocurrency has gained over 20% since the beginning of June. The price of ATOM at 3: 40 hours UTC is $6.52.
The total market capitalization of the cryptocurrency markets lost about a $20 billion as it dropped to $255 billion. The dominance of Bitcoin [BTC], nevertheless, stayed at 55.9%. Furthermore, the indecision in Bitcoin [BTC] prices have made altcoin traders of their investments as well.
Do you think that the market will be resilient to this correction as well or prices will fall further? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com