Back in 2017 a clear pattern emerged between and the
. was (and still is) the bellwether for the entire market, leading
the peaks and troughs. However, they were also inversely correlated in that
would often dump before made a big move.
Altcoins Losing Steam
The same could be happening again as maintains its hold on the $5,200 price level but its brethren start to fall back. As a result market dominance has climbed a percent or so back to 51.3% over the past week or two.
Today’s markets are a sea of red as begin to beat a retreat. Total has dropped back below $180 billion after reaching a new 2019 high of just below $186 billion yesterday. Markets have lost over $5 billion in the past 24 hours and those losses are accelerating during today’s Asian session.
The largest daily losses at the moment are with
Coin, , SV, NEO, Classic, and Dogecoin which have all
lost over 7 percent on the day. and Cash, two of April’s big
performers, are also cooling off today with losses of around 6 percent.
Even the three are losing today. over 2% to $5.40, Maker has dumped 7% to $707 and Augur has dropped 6% back to $20.40. is no longer the provider of coin pumps and this latest announcement has actually had the opposite effect.
Markets are beginning to cool and the are getting
hit first. This could either be a sign that traders are moving back into
or that itself is about to make a big pullback. Two years ago this
type of market action would signify a big move coming for but in today’s
market of multiple stablecoins it is unlikely to be the case.
The calls for a pullback have intensified as
approached a massive resistance point at the 50 week moving average which is at
around $5,600. Over the past 24 hours hit $5,300 twice before dropping back
and at the time of writing it is has just fallen below $5,200 support;
Several other analysts have also speculated that a correction is imminent with dropping back into the $4,000s. The worst case scenario is a final capitulation back below $4k, which has also been predicted by many. This will certainly wipe out all gains made by most this year but will also serve as a great opportunity to accumulate for the next big rally.
Published at Tue, 09 Apr 2019 06:01:09 +0000
