Cryptocurrencies Pushing into the Red
The major cryptos are seeing quite a bit of selling, despite what is generally good news out today.
The major headlines early on where that Elon Musk tweeted that Telsa will be accepting BTC. This saw a spike in BTC back up to the $58,000 level.
That was followed by news of a host of large financial institutions talking about launching ETFs.
However, since that point in time, we are seeing the selling come hard and fast and the major coins are all well into the red now.
Bitcoin has fallen away from those intraday highs and has now dropped sharply back under the $54,000 level. Price had made a perfect descending triangle to the cent and then turned around and started selling.
The weakness in Bitcoin is also dragging all the other major coins down and they basically red across the board right now.
Looking at the key levels for Bitcoin and we can see that this $54,000 level was important. I am watching the $50,000 level as the next major stopping point and then below that we are looking at the very important $44,400 mark.
I am expecting to see a bit of downside across the board in the next few days as price is looking very soft, despite what might only look like a modest fall in percentage terms. The fact that the price action is very toppy and includes that series of lower highs, tells me we are due for a pullback.
The entire sector might be in the firing line as well because Bitcoin does still push the entire market around.
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