As the week kicks off, the crypto market is mostly flashing red with Bitcoin down 1.39% at $10,298.
Ethereum is down 1.6% at $216.81, XRP is down 1.31% at $0.3210 and Litecoin is down 3.66% at $94.12 according to COIN360.
Crypto analyst and economist Alex Krüger says traders should welcome Bitcoin’s current pullback, noting that the faster and sharper Bitcoin rises, the higher the danger of an imminent crash.
Bull market corrections are unavoidable and should be welcome. Assets that go too far up too fast tend to crash the hardest. As everyone who speculated with the price of bitcoin during 2017 and 2018 well knows.
— Alex Krüger (@krugermacro) July 16, 2019
$BTC Breaking down to support zone
On 1 hr chart showing top of support zone now acting as resistance
Not a great sign for bulls and want to see price break back up in neutral territory
Continue to watch this area for a break $,10,189 will lead back down to 4-digit BTC pic.twitter.com/howedYMEKp
— Josh Rager 📈 (@Josh_Rager) July 22, 2019
CoinDesk analyst Omkar Godbole is on the same page and says Bitcoin needs to cross $11,080 to break the current trend.
Blockonomi – XRP holding uptrend support, can it continue higher?
FX Empire – Late LTC pullback limiting the upside on the day
Bitcoin Cash, Stellar, EOS, Tron