The last seven days ended with most coins in the top 100 recording significant gains. Like what happened two weeks ago, these coins are losing their seven-day gain in market correction at the time of writing. The only good or bad news (depending on your trading position) is that the price corrections are nothing compared to the previous week.
Here is the crypto market outlook for today:
Last week was an interesting week. The main highlight of the week was when BTC hit a high for the week. In the last seven days, BTC got to a high of $60,315 and a low of $54,100. The seven-day high was buoyed by news of Morgan Stanley offering Bitcoin to its wealthy clients.
Following the recent price movement, it is easy to conclude that if all conditions remain the same with the bulls a little more spotlight than the bears, BTC may get another seven-day high of $61k or close.
Within the next 24 hours, Bitcoin prices may climb as high as $59k, it also important to note the increased pressure is placed on the $57k support. If the pressure on $57k tightens and the bulls are unable to control it, it may make the chances of seeing a $59k BTC slimmer.
Last week was also a bullish one for the second coin by market cap as it recorded a gain of more than 2%. Throughout last week, Ether was stuck between $1,739 and $1,875. With the reduced dip Ether faced a few hours to press time, ETH may retest $1,900 this week.
Starting the bid for $1,900, traders must ensure no harm comes to the $1,750 support level. Failure to keep the battlefield of that level may result in the support flipping and will require more effort for traders to steer ETH back on course for $1,900.
A few minutes before press time, BNB (formerly in green) joined the rest at the top in shading its gains. The extent to which prices will fall is still a question only time will answer.
Amidst the uncertainty of the dip, it is important to take note of key supports like $260 and $250. Throughout the past seven days, $260 was tested only once after it flipped. A bet can be placed on that support that it will hold or fall back to the $250 support.
Amidst all the market woes, Cardano is the only coin in the top five that still retains a lot from its seven-day gains. At this time, ADA still retains more than 10% of its previous gains.
Although the fifth coin by market cap is bullish on a seven-day outlook, it has lost 3.8% of its value per unit in the last hour before the time of writing. Buyers need to defend the $1 support and use it to test critical resistance.
For the past few weeks, Mondays have been marked as one of the most bearish days of the week as a price correction is always imminent. However, the bulls have a chance to turn the tide, and why not!
Affiliate: Get a Ledger Nano X for $119 So That Hackers Won’t Steal Your Crypto!