The crypto markets are cooling off this Monday morning following a big weekend of solid gains. Technical signals are still bullish though, so the momentum could continue this week.
The total crypto markets’ capitalization has retreated around US$12 billion[AU$18.7 billion] over the past 24 hours as cryptocurrencies start their expected corrections.
From a Sunday high of $256 billion total cap has dropped back to $244 billion during the Asian trading on Monday morning, according to CoinMarketCap.
The move has taken Bitcoin prices back into the high $8,000 zone as it failed to break resistance above $9,000.
Analysts are still largely bullish as BTC has just printed its seventh weekly green candle in a row. The last time this happened was at the end of the 2018 bear market in March 2019.
— Zack Voell (@zackvoell) May 4, 2020
The downtrend is still very much intact on longer time frames and will remain so until Bitcoin forms a new higher high above its previous at $10,500.
Ethereum has taken a bigger hit with a seven-percent slide back to $200. ETH must hold this crucial support level to avoid further losses which could see it back at $180 fast.
Red has enveloped the crypto charts today with Bitcoin Cash, SV, and EOS taking the biggest hits.
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