The recent crypto market movements were not unexpected. The moment Bitcoin hit $ 9k, it immediately returned like a bee sting reaction. The following candles were big red candles that cost BTC a thousand dollars in a few hours. Has the big correction finally begun?
Bitcoin Dumps 11% in a Few Hours
Bitcoin moved mostly just above $ 8,700 yesterday. A big jump a few hours ago brought BTC a new high for the year of $ 9,100, according to Tradingview's charts. However, it did not stay there long and the reaction was quick and fierce as the following hourly candle returned $ 500 to $ 8,600.
From then on, BTC fell further fears of the big ones The low came six hours later when Bitcoin touched $ 8,000 again. Again, it did not stay there for long and immediately bounced off the support line to $ 8,250 where it has just settled.
Crypto trader Josh Rager had already predicted that there would be a pullback before Bitcoin reached its next resistance zone, which was in the middle of $ 9,000s.
"The $ BTC pullback reached the level expected by all. Please read the Retweets of the last days. The majority has been at the top all year round, and this is another case. Could still go from a low $ 8,000 to over $ 9,000, but would like to see a daily close above $ 8200. Bulls stepping in,
$ BTC Pullback came before the expected level of all was reached.
Please read the retweets of the last days.
The majority was front run all year round and this is another case.
Still could jump from low $ 8k to $ 9k +, but would like to see a close of $ 8200.
Bulls jump in pic.twitter.com/dDrhe6Mudc
– Josh Rager (@Josh_Rager) May 30, 2019
This seems to be the case at the moment, since Bitcoin today In Asian trading, a consolidation of just over 8,200 USD begins. In a subsequent tweet, Rager adds that the move could be a prelude to a bigger drop. He was pretty accurate so far.
$ BTC – It's not perfect, but it looks like a distribution to me.
The counterfeiting of the resistance to dropping – classic pic.twitter.com/mGsxJYwhgN
– Josh Rager 📈 (@Josh_Rager) May 31, 2019
Old coins hammered again
As usual, the old coins were hit harder by Bitcoin's big move. Market capitalization for crypto products has been reduced by $ 20 billion as it falls from $ 10 billion yesterday's ten-month high. The volume has risen to over $ 100 billion, indicating that bigger things are about to happen.
A sea of red has shrouded the fifteen best crypto assets this Friday, and some are double digits. Ethereum has dropped more than 8 percent as it slid back toward $ 250. EOS and Litecoin are not far behind. The biggest loss, as expected, is Bitcoin SV, which was smashed 20 percent yesterday after its counterfeit news pump.
Apart from day trading, most agree that the next major upswing has already begun and these corrections are only natural components of the ebb and flow of markets. If this is the beginning of the big 30 percent pullback, Bitcoin will return to $ 6,000 and total market capitalization will fall below $ 200 billion. The uptrend remains and accumulation begins with the next runup.
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