The Cryptomarket Corrects, Testing Key Support Levels

Images by PIX1861 and WorldSpectrum from Pixabay

After the rise of the Bitcoin and the blockchain market, the cryptomarket corrects from those highs to test key support levels. Market cap shrank below the $180 billion mark and is now bumping into key support levels. Altcoins are also affected as the cryptomarket corrects.

The Cryptomarket Corrects from Previous Gains

The Cryptomarket corrects from gains in today’s trading. The market capitalization fell sharply to reach the support levels at $178 billion mark. At the center of this correction is the Bitcoin. The bitcoin have come down from highs. The bitcoin is now testing support levels at $5850 after being pushed back from the resistance at the $6000 mark.

Altcoins Feeling Downward Pressure as Cryptomarket Corrects

Altcoins were feeling the pressure from the correction of the cryptomarket. The Binance coin fell sharply at 7% as the coin fell through the support level at $22.00 and is now testing the $20 support level. It was especially vulnerable as the cryptomarket corrects because of recent bad news from the binance exchange when 7,000 BTC was stolen from the Binance exchange.
The resistance level was felt at the resistance levels at $295 by the Bitcoin Cash and fell past the $285 support level. There is some recovery for the Bitcoin cash as it pushed towards the $280 support level.

Cryptomarket Corrects Lower But Bullish Line Still Available

On the 4-hour chart, the cryptomarket grew close to $188 billion mark but the cryptomarket corrects lower to test the $178 billion level. The market has recovered to hover around $180 billion.
The resistance at $178 billion is connected to a bullish trend line. If the capitalization grows above $180 billion, the momentum could push the cryptomarket to explore $186 billion or even $188 billion. On the downside, the market is protected by strong support lines for the Bitcoin and many of the Altcoins.

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