Bitcoin & Altcoins (ETH, XRP, TRX, IOTA) Start Retreating to Red, “Parabola Could Break Tonight”
- BTC still above $7,000 level but going down
- ETH, XRP, TRX, IOTA, and others turn red
Since hitting the bottom at $3,150 in December 2018, Bitcoin has been slowly making its way upwards that started gaining momentum first in February and then in April. It has been in May that bulls charged the leading cryptocurrency at full speed.
With its latest surge, Bitcoin has climbed to its highest level in 9 months. Till date, in 2019, BTC has risen over 100 percent.
In a period where:
—political tensions escalate between US and China,
—global equity markets fall sharply
—VIX largest spike in many months
—global yield curves flatten/invert#bitcoin has RISEN and >$6,000
Crypto showing its value as an uncorrelated asset.
— Thomas Lee (@fundstrat) May 9, 2019
At the time of writing, BTC/USD has been trading at $7,150 with 24-hours gains of about 5 percent, falling down from its today’s high at $7,585. Per Coinmarketcap data, BTC has been managing the daily trading volume of $29 billion and $2 billion, as per Messari.
$BTC – 3D chart Super Guppy
Amazing similarity between the last bear market prior to uptrend
Bitcoin had a similar parabolic push out of accumulation, followed by a pullback and uptrend
Watching for a potential pullback where I'll add more to the stack pic.twitter.com/JABErMhlMq
— Josh Rager 📈 (@Josh_Rager) May 12, 2019
Though slowly going down, crypto analyst Benjamin Blunts says we are facing resistance at $7.3k but we can further push up to “horizontal resistance at 8.4k,” before registering any “meaningful dips.”
— Strip Mall Status (@ledgerstatus) May 11, 2019
Be careful. BTC could be topping out right now.
— MAGIC (@MagicPoopCannon) May 12, 2019
However, it’s hard to say where exactly Bitcoin will go, more upwards or correction as BTC has been following its very own path. But a dip might be coming here as crypto analyst Willy Woo who has been paying special attention to shorts recently shared how BTC has more uptrend in its as Bitfinex shorts haven't been squeezed.
Now as he notes, “Shorts still liquidating on Bitfinex. BitMEX no longer short biased (positive funding rates),” this could be the sign that we might pullback here.
parabola could break tonight if it doesn't get bought back up quick 👀 pic.twitter.com/TGvsYjsygJ
— 🍄🌲Benjamin Blunts🌲🍄 (@SmartContracter) May 12, 2019
Altcoins Start Turning Red
Altcoins that have been surging in tandem with Bitcoin, with Bitcoin Cash in the lead with 18 percent gains have now started to lose as well.
Ethereum, XRP, Cardano, Tron, Bitcoin SV, and IOTA have turned red by 1 to 2 percent. At the time of writing, Aurora sees the highest gains of 12.11 percent followed by Bitcoin Cash that is up by 9.89 percent. With 15.51 percent losses, Crypto.com Chain is the highest loser.
The total market cap that has crossed $220 billion at one point, reflecting the greens have now come down to $213 billion.