Altcoins have had a good year with a solid Win for the most. However, could not resolve all up in smoke, if Bitcoin keeps during this correction, the most important support levels.
The youngest of the 20 billion Dollar crypto market Dump was the biggest daily loss this year. The Situation could spiral in the world of Altcoins quickly out of control when the big brother BTC can’t keep the most important support levels.
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Bitcoin: support needs to hold
Bitcoin fell a few hours ago in a Thousand-Dollar slip to a level of 9,300 dollars, but has recovered since then to almost $ 9,600 (at the time of writing). The lower level offers strong support, but a break below would be for the Rest of the market is very bad.
Analyst Josh Rager has the most important support and resistance levels to keep an eye on and commenting on the lower highs and lower lows emerge in the downward channel.
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The correction was expected after such a long period of sustainable profits, while – so as not to keel over but in a complete reversal of the trend, need BTC to be above certain support levels held.
Another Altcoin-avalanche?
The former financial Advisor and crypto-Analyst “AMD Trades” believes that a fall below $ 8,000 would destroy most of the Altcoins, and all of the gains since the beginning of the year naught.
“An increase of $7.800 would smash most of these temporarily bullish Setups. (…) A fraction of 8,800 dollars would destroy most of the other Setups, including ETH.“
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The sad truth is that most of the Altcoins are still tied hopelessly to the movements of its big brother, so they all scream when BTC whimpers.
Ethereum has made this year, solid progress and is still twice as expensive as at the beginning of January, but a collapse of the Altcoins will be for ETH painful.
The reinforcing fundamentals, the Hopium ETH 2.0 and a growing DeFi-market does not have yet enough still to break the link between Ethereum, Bitcoin.
Apart from a few Coins with low market capitalization at the end of the table, the EOS suffers from most today, with a Dump of 13%.
To those who resist this Trend, the ever-resilient Tezos, with 7% to just under $ 4 on a new all-time high and Kyber Network that could grow with the introduction of Coinbase Pro by over 20%.
It could still break much more sorry about Altcoins, which all face on to the next step of their leader.