US equities have started to correct beginning on Thursday last week. After the rise of the Dollar due to strong positive economic data and the absence of yet another rate cut more downside had emerged, which could cause markets to even move lower. As the risk sentiment changes, traders should be prepared for some negative momentum. Negative market news on the equity sector also continue to spill over to the crypto space. In general, the trend remains positive and with the sentiment leaning towards positive momentum for altcoins, further upside might be seen after the current correction. If Bitcoin breaks the USD 105.000 level, though, the general mood might turn more bearish leaving all tokens vulnerable for even more losses.
Technical analysis:
– BTC: Bitcoin is trading at USD 113,556. With the slide below the USD 116.000 level more downside momentum might now emerge. As the market has stabilized at around the 50- moving average at USD 112,757 a positive move might also happen this week.
BTCUSD, daily chart
If the market is then bale to break the old highs more upside momentum and potentially the retest of a new all- time- high might be seen. Another break to lower areas might cause the market to slide further, which seems likely given the current negative momentum in the Nasdaq index, which is being closely followed by Bitcoin.
– ETH: Ethereum is currently trading at USD 3,441. Having tested the most recent high at USD 4,000 the market seems to remain in correction mode for now. Given the sideways trend in Ethereum the current momentum might push the market down towards the USD 3,000 level. Only a break of this zone might indicate that the market will slide further.
ETHUSD, weekly chart
Should the support level break more downside momentum might be seen towards the 50- moving average at around USD 2,688.
– XRP: XRP is currently trading at USD 2.8360. Given the strong push from last month beyond the USD 3.6000 level the market is still considered in a strong uptrend. Currently the correction seems ongoing and as seen many times in the past this could drive the market lower.
XRPUSD, monthly chart
The monthly chart above shows that the correction might intensify pushing the market lower towards the rising trendline. A break of the USD 2.4000 level might then cause the return towards a bear market. On the flipside a break of the all- time- high might push the market quickly towards the USD 4.0000 level.
– SOL: Solana is currently trading at USD 160.22. After the uptrend in most tokens has stopped also Solana started a bigger correction.
SOLUSD, weekly chart
The weekly chart above shows the strong bearish pinbar candle from July, which then caused the market to fall. Having stopped at the 50- moving average right now might indicate that fresh upside momentum could be on the cards. Yet, a break of that zone could also cause a move towards the USD 120.00 level.
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