Why Is the Crypto Market Down Today?

2022-12-8 11:30

The cryptocurrency market cap (TOTALCAP) has increased alongside an ascending support line since Nov. 22. The upward movement led to a high of $827 billion on Dec. 5. 

The crypto market cap has been falling since and broke down from the ascending support line the next day, before validating it as resistance on Dec. 7 (red icon). Currently, the crypto market cap is trading above support at $792 billion. 

If it breaks down from the current support level, the next support would be at $770 billion, created by a horizontal support area and the 0.618 Fib retracement support level.

TOTALCAP/USDT Six-Hour Chart. Source: TradingView Bitcoin Price: Breakdown Incoming

The Bitcoin price has increased inside an ascending parallel channel since Nov. 21. Ascending parallel channels often contain corrective movements. Therefore, a breakdown from it is expected.

On top of this, the BTC price created bearish divergence (green line) and deviated above the $17,150 area on Dec. 5. Afterward, it broke down below the area and is now trading at the support line of the channel.

If a Bitcoin price breakdown transpires, the $16,230-$16,460 area will be expected to provide support. This is the 0.5-0.618 Fib retracement support area.

On the other hand, reclaiming the $17,150 area would be a bullish development.

BTC/USDT Six-Hour Chart. Source: TradingView IMX Leads Crypto Market Rout

In similar fashion to the rest of the crypto market cap, the ImmutableX (IMX) price had increased alongside an ascending support line since Nov. 21. However, it broke down from the line on Dec. 7. This is a sign that the upward movement has come to an end. 

If the decrease continues, the closest support area is at $0.40, created by the yearly lows.


IMX/USDT Six-Hour Chart. Source: TradingView

For BeInCrypto’s latest crypto market analysis, click here.

Disclaimer: BeInCrypto strives to provide accurate and up-to-date news and information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

The post Why Is the Crypto Market Down Today? appeared first on BeInCrypto.

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