When can one expect the end of the ongoing correction of the cryptocurrency market?
|Bulls could not seize the initiative and all of the top 10 coins have continued their fall.
Top coins by CoinMarketCap
BTC/USD
Yesterday morning, the Bitcoin (BTC) price consolidated in a sideways range, the upper border of which was the POC line ($61,190), and the lower one of which was the psychological level of $60,000.
During the day, the bears managed to pierce this psychological support and the pair fell out of the range, marking the November low at $58,563.
BTC/USD chart by TradingView
In the afternoon, buyers tried to bring the pair back to the sideways range and test its upper border, but tonight the BTC price again rolled back to the monthly low zone. After some recovery, one could hope for strong support at $58,000. However, given the high volatility of prices and the dominance of bears, most likely in the second half of this week, sellers will be able to continue to decline to the $55,287 level.
Bitcoin is trading at $59,724 at press time.
ETH/USD
Sellers were able to pierce the $4,300 support several times yesterday morning and each time they tried to update the monthly low. In the afternoon, the Ethereum (ETH) price broke through the support of $4,200, marking a minimum around the $4,106 mark.
ETH/USD chart by TradingView
In the afternoon, buyers tried to restore the price above the support of $4,300, but tonight bearish pressure intensified and, in the morning, the November low was renewed to the level of $4,065.
One believes that during the day the pair can test the psychological support of $4,000. A small bounce is possible here. However, at the end of the week, there is a chance to see the test of the support at $3,800.
Ethereum is trading at $4,179 at press time.
ADA/USD
Cardano (ADA) is the biggest loser from our list today as the rate of the altcoin has gone down by 4.25%.
ADA/USD chart by TradingView
Cardano (ADA) has once again bounced off the support at $1.832, which means that bulls still control the situation. However, the selling volume is rising, which means that the breakout may lead to a sharp price drop and get ADA to the area around $1.50.
ADA is trading at $1.849 at press time.
BNB/USD
Binance Coin has fallen 3.68% over the last day.
BNB/USD chart by TradingView
Binance Coin (BNB) is about to break the resistance at $570. If bears can fix below this level, the decline may continue as the selling trading volume is increasing. In this case, the nearest resistance where a reversal is possible is the support at $540.
BNB is trading at $569 at press time.
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