Bitcoin drops, Shiba up

BITCOIN DROPPING TO $58K, ALTS DUMPING BUT SHIBA INU EASILY BREAKS THROUGH THE TOP 10 MARKET CAP

BTC TOP 3

BITCOIN DROPS ALMOST 10%

COULD IT DROP SOME MORE?

More and more traders have noticed the bearish pattern/indicator Bitcoin currently has. It is showing a head and shoulders pattern, which, if played out, would technically target Bitcoin dropping as low as $52k.

Scott Melker, however, although he acknowledges the possibility, has said these bearish patterns (in a bull market) rarely play out. He’s watching for a fakeout and probable flip back up, resuming the upward trend.

BTC weekly – yesterday the (current) weekly candle was looking good but now, looking bad. But it’s still Wednesday, still halfway through the week, so it’s hard to judge. But we would definitely like to see $59.9k hold as support.

BTC daily – potentially breaking $59.6k support, close above that would be a very good sign

This recent Bitcoin drop though is not caused by FUDs or manipulation, but rather liquidations. We have been expecting some correction after hitting the all-time high as people might be rushing over to sell to take profits or to break even (for those who entered the market around the highs in April/May).

It was noted that in the last 24 hours, a total of $875.8M was liquidated across all exchanges.

But Crypto Michael is still confident about the market. He says, “overall, the market is just consolidating above crucial levels.”

He also believes we’ll not be seeing the top this year, instead, he is favoring the possibility of having a longer cycle and having the cycle top by next year.

Hence, although the market is correcting a little, everything is still fine. The market is still doing okay, and there’s nothing to worry about.

SHIBA INU STILL GOING UP

SHIB has now flipped DOGE in terms of market cap. Currently ranking #9, with DOGE lagging behind at #11, SHIB is now trading at $39B Market Cap.

Let us take a look at varying reactions in Crypto Twitter:

Are you bullish or bearish on SHIB?

ALTCOIN CORNER

Assuming Bitcoin stops dumping and starts going back up, these alts are surely going to the moon and hit their targets and beyond:

1inch – hits the target for inverse head and shoulders pattern, looks about to hit all-time high anytime soon

ALGO – target still intact: $3.37, currently retesting, should close above $1.83, then head to $2.50, then $3.37

ATOM – currently retesting eq of the horizontal channel, targeting the top of the channel which is the all-time high, hitting a new ATH soon

AVAX -retesting prev all-time high as support, looking good

DOT – looks fine, but we want it above $49.78 (above prev high)

ENJ – looking to flip resistance at $2.31 to support

HBAR – looking for $0.25 as an entry point

HNT – first target is $26.73 (resistance), then $39

LINK – anything above $28.16 is looking good. This should be heading up to $35, if we flip that, then $52.

LUNA – wait for a flip at $45 to target $80

MATIC – hits the target, $1.78, but wait for a close above $1.78 and confirm flip before upwards continuation

SOL – bearish SFP (swing failure pattern) on the all-time high

VET – has to be above $0.16 before targeting $0.27

***DISCLAIMER: THIS IS NOT FINANCIAL ADVICE. DUE DILIGENCE IS EXPECTED OF EACH AND EVERYONE TRADING IN THE CRYPTOSPACE.


ABOUT THE AUTHOR

Elisa A.

Elisa is our Head of Market Analysis at Rocket Crypto X

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