- The market-wide pullback many had been expecting for cryptocurrencies finally came to fruition on Wednesday as prices were down across the board, with Bitcoin falling back below $30,000 while Ether price trades below the $2,000 support/resistance zone.
Data provided by TradingView shows that the selloff for Bitcoin began with the opening candle on Wednesday, with the top crypto plunging 4.5% over the course of the trading day, hitting a low of $29,111 before bulls managed to bid it back above support at $29,300.The early selloff in spot BTC resulted in April Bitcoin futures prices trading “solidly lower” according to Kitco senior technical analyst Jim Wyckoff.
In the latest Trade Letter from Eight Global, the firm’s analysts noted that on the weekly BTC chart, “a reclaim of the mega range” has occurred. “This is a very positive sign, as based on the range trading rules, after a reclaim of the range low you should expect a price move towards range EQ, meaning we will move towards ~$48k.”“There is of course much more involved than just the range, as we are dealing with macroeconomic uncertainty as mentioned earlier,” the analysts wrote.
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