() has fallen back close to psychological support at $5,000 after a false breakout Wednesday.
The number one by market valuation made a strong bullish break from an ascending triangle pattern yesterday evening at 18:00 UTC, reaching a peak of $5,488 on the exchange.
However, that move was quickly rejected and an increase in selling pressure on today’s open laid the pathway for to slide, first to $5,200 overnight, then quickly to $5,018 soon before press time.
is currently up slightly at $5,068, down over 3 percent for the session, as per Coindesk .
The drop may now have thrown a spanner into a bullish market setup that had looked likely to propel prices to highs not seen since late last year. Had ’s triangle breakout succeeded, a measured move to $5,800 . However, fell $300 short of that target as buyer volume fell short on the day.
All is not lost, however. If prices remain above $5,000 at today’s close, the bullish chart structure will be intact. Going forward, we can expect the bulls to again make their presence felt, albeit likely after a short period of consolidation.
With taking a hit, the wider crypto market is also flashing red at press time. Other top , such as ether and XRP are fairing worse than , posting 24-hour losses of 7.46 and 5,85 percent, respectively, according to CoinMarketCap .
Disclosure: The author currently holds , TRX and BTT.
image via Shutterstock
Published at Thu, 11 Apr 2019 11:07:03 +0000
