The long awaited crypto correction appears to have initialized today. After hitting resistance twice and failing to break it, Bitcoin has plunged back below $8k now as markets tumble. Analysts have been scanning the charts looking for support zones, and there are quite a few of them.<\/p>\n
BTC has spent the past three days trading sideways at just below $8,000<\/a>. Since its meteoric rally it has hit resistance at $8,300 twice and pulled back sharply twice. A weekend dump to $7k was quickly recovered but this time the decline looks more ominous.<\/p>\n During the morning\u2019s Asian trading session Bitcoin fell 4 percent to an intraday low of $7,620. Unlike the previous minor correction when BTC dropped like a stone, this appears to be a more gradual descent which may continue until it finds support.<\/p>\n Crypto trader \u2018The Cryptomist\u2019 has been looking at the charts and has forewarned about this drop;<\/p>\n \u201cForewarned this drop earlier, and secured most of this month\u2019s profits. I expect us to drop further and test support upon 7.4k region. 1D Rsi still needs to drop. If this support breaks, 6.8k is next regional support,\u201d<\/p><\/blockquote>\n $Btc<\/a><\/p>\n Forewarned this drop earlier, and secured most of this months profits. Trade safe loveys \ud83d\ude0a pic.twitter.com\/zek3UQY6mi<\/a><\/p>\n — The Cryptomist (@Thecryptomist) May 22, 2019<\/a><\/p><\/blockquote>\n\n
I expect us to drop further and test support upon 7.4k region
1D Rsi still needs to drop
If this support breaks, 6.8k is next regional support<\/p>\n