Following a solid start to the week, crypto markets have cooled off over the past day or so, as traders take profits. The trend for the month is still up, but another dump could be just around the corner.
According to Coinmarketcap.com, crypto asset market capitalization has declined by around US$7 billion [AU$11.4 billion] over the past day.
The total has fallen back to around $203 billion, which is still $25 billion higher than it was this time last week. So far this month, markets have made around 14% as they recover from the big dump in March.
Bitcoin topped $7,400 during yesterday’s trading session but has since retreated to around $7,150 where it has been consolidating for the past six hours or so.
Analysts are eyeing a correction as BTC technically starts to reach resistance levels.
Looks like, it time for a correction:
– green “9” on a 4h time frame by TD Sequential
– ascending wedge resistance test
– RSI and oscillators are overbought
– major descending resistance line test
Bitcoin should hold above ~7300$ to invalidate this. $BTC $BTCUSD #bitcoin pic.twitter.com/DBcfZd36Rh
— CryptoHamster (@CryptoHamsterIO) April 7, 2020
Ethereum, which has outperformed its big brother recently, has taken a dip back to $165 today, dropping 3% as it corrects after a few days of solid gains.
Red is dominating the top crypto assets charts this morning, and the biggest losers at the moment are EOS, Monero, and Stellar, sliding around 4% each.
The only beacon of green this morning is Chainlink, which has climbed 6% to reach $2.80.
Markets could continue to correct for a while, but a new lower low needs to be hit for this micro-trend to be reversed.
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