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After briefly crossing $13,000, Bitcoin has retreated hard and fast to its current price of $11,721 – down 9.84% in the last 24 hours.
According to COIN360, Ethereum is down 9.13% at $283.26, XRP is down 10.38% at $0.3535 and Litecoin is down 13.02% at $103.75.
With Bitcoin falling sharply, crypto analyst Alex Krüger is outlining the next key levels to watch.
According to Krüger, the leading cryptocurrency is now likely to go through a full retracement, bringing the price of BTC back down to $11,400.
This is what $BTC is trading at the moment. If $11900 goes, would expect full retracement. Key intraday level above is $12300. pic.twitter.com/dBTSZcEZuY
— Alex Krüger (@krugermacro) July 10, 2019
As for when the long-awaited altcoin season might begin, Krüger says there may be hope on the horizon.
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He believes alternate crypto assets may now be in oversold territory versus Bitcoin after today’s big dip in the market.
Today's crash *could* be the end of the downtrend for alts vs BTC. pic.twitter.com/rYtWCTERul
— Alex Krüger (@krugermacro) July 10, 2019
Analysts across the board are drawing Bitcoin’s support levels as the overall crypto market turns red.
Bitcoin
CoinDesk – High-volume close below $12,000 would invalidate short-term bullish setup
FXStreet – BTC/USD seeks higher support after conquering $13,000
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Ethereum
Crypto Briefing – Daily time frame shows buyers struggling with major resistance
XRP, Litecoin, Bitcoin Cash
FX Empire – Litecoin, XRP and Bitcoin Cash try to recover as Bitcoin draws interest
Blockonomi – XRP could extend losses before fresh upside
FXStreet – Litecoin recovery under threat due to the move below $120
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