The latest cryptographic market movements have not been unexpected. The moment Bitcoin beat $ 9k it immediately recoiled as a response from a bee sting. The following candles were big reds that sent the BTC down a thousand dollars in a couple of hours. Has the big correction finally begun?
Bitcoin Dumps 11% in a Few Hours
Bitcoin answered at best a little over $ 8,700. A big spike a few hours ago sent the BTC up to a new height for the year of $ 9,100 according to charts from Tradingview. It wasn't long there and the reaction was quick and heavy with the following hourly dumping $ 500 back to $ 8,600.
From there, BTC went even further as fear of the big pullback began to deposit. The low came six hours later when Bitcoin affected $ 8,000 again. Again it was not long there and immediately jumped off the support level back to $ 8,250 where it is currently settled.
Crypto dealer Josh Rager had already predicted that any recall would occur before Bitcoin reached its next resistance zone which was in the middle of the mid $ 9000s.
"$ BTC pullback came before the level all expected. Please read the retweets from the last couple of days. The majority have been ahead of the run all year, and this is another case. Can still jump from low $ 8ks to $ 9k +, but would like to see a daily close over $ 8200. Bulls stepping in, "
$ BTC pullback came before the level all expected.
Please read the retweets from the last couple of days
The majority have been ahead of the run all year, and this is another case
Can still jump from low $ 8ks to $ 9k +, but would like to see a daily nearby over $ 8200
Bulls stepping in pic.twitter.com/dDrhe6Mudc
– Josh Rager 📈 (@Josh_Rager) May 30, 2019
This seems to be that which is currently happening when Bitcoin is starting to consolidate just over $ 8,200 in Asian trading today. In a subsequent tweet, Rager adds that the move can be a prelude to a larger drop. He has been quite accurate so far.
$ BTC – it's not perfect but looks like distribution to me
The fake-out over the resistance before dump – classic pic.twitter.com/mGsxJYwhgN
– Josh Rager 📈 (@Josh_Rager) May 31, 2019
Altcoins Hammered Again
As usual, altcoins have been hit harder by Bitcoin's great movement. Total encryption market value has been shattered by $ 20 billion as it slips back to $ 260 billion from yesterday's ten-month high. The volume has increased to over $ 100 billion, suggesting that bigger things are going to happen.
A sea of red has enveloped the five largest cryptotillates this Friday, and some falling double numbers. Ethereum has pulled over 8 percent as it slips back to $ 250, EOS and Litecoin are not far behind. The biggest loss, as expected, is Bitcoin SV, which has been shattered 20 percent after the fake news-induced pump yesterday.
Dagshandel aside, most agree that the next big upswing has already started, and these corrections are just natural components of ebb and flow of markets. If this is the start of the big 30 percent repayment, Bitcoin will return to $ 6k, and the total market price will return below $ 200 billion. Uptrend will still be intact and accumulation will begin to lead to the next race.