As predicted, Wednesday was another exciting day for traders as many cryptocurrencies recorded significant gains. The crypto street boomed, started on a good time, and ended on the same note.
However, with the marketing dipping slightly in the hours leading up to press time, it is easy to see that the bears are lurking.
Here is the crypto market outlook for today.
BTC
Yesterday, traders were gearing up to see BTC reach a new all-time high. The objective was just a mile away from achievement when the bears struck. Bitcoin got as high as $57,000 and was on its way to reaching the $57,100 mark when it experienced a little seller congestion that brought prices down.
Despite the sellers’ congestion, the buyers were able to steady the prices at different marks but could not hold on for long. At the time of writing, BTC is back in the $54k region.
At this time, it seems the bullish momentum is dying. For restoration to happen, traders must defend the $54,500 support and use it as a stepping stone to rekindle the drive to the top and possibly hit a new all-time high.
ETH
Ethereum reached a high of $1,869 yesterday. The move was buoyed by bullish traders who kept the fire going after crossing the $1,840 mark. After reaching the intraday high, prices started to dip but traders were able to keep the price trading between $1,800 and $1,850.
At the time of writing, Ether is trading at $1,750. The chart pattern is indicating a dip that traders must fight back if they want Ether to go back to trading above $1,800. The $1,720 will be the best place to mount a strong resistance to the dip.
DOT
Polkadot traded at yet another high that has not been attained in weeks. It traded above $39 for a few minutes before starting a price correction that extended to the time of writing.
Currently, the chart pattern is forming a bull flag. The bull flag is an indication of an impending price consolidation after the dip. Traders must fight tooth and nail to halt the current price by defending the $36.1 support.
XRP
The seventh coin by market cap traded at a high of $0.489 yesterday. The move was welcomed by the bears who used the opportunity to take profit and leave the digital asset bleeding till the hours leading up to press time.
XRP will look to halt the bearish effect by staying above $0.43 and use that support as a base to get back to yesterday’s intraday high. If the correction does not stop at %0.43, then traders are for a bumpy ride to as low as $0.42.
For now, it is a matter of stopping the price correction that is ravaging various cryptocurrencies. Will traders succeed in stopping this dip? Fingers crossed
