The long awaited crypto correction appears to have initialized today. After hitting resistance twice and failing to break it, Bitcoin has plunged back below $8k now as markets tumble. Analysts have been scanning the charts looking for support zones, and there are quite a few of them.
Bitcoin Slides 4 Percent
BTC has spent the past three days trading sideways at just below $8,000. Since its meteoric rally it has hit resistance at $8,300 twice and pulled back sharply twice. A weekend dump to $7k was quickly recovered but this time the decline looks more ominous.
During the morning’s Asian trading session Bitcoin fell 4 percent to an intraday low of $7,620. Unlike the previous minor correction when BTC dropped like a stone, this appears to be a more gradual descent which may continue until it finds support.
Crypto trader ‘The Cryptomist’ has been looking at the charts and has forewarned about this drop;
“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,”
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