The near 5% fall today takes out the 200-hour moving average (blue line), after buyers had tried to defend the level over the weekend. The break there now sees the near-term momentum switch to being more bearish again. That is allowing for a test of the 38.2 Fib retracement level of the swing higher since the start of August, seen around $4,242.
This is the first time since 4 August that price action has dipped below both key hourly moving averages. As such, there is scope for the retracement to run further before dip buyers step back in.
For now, overall risk sentiment is also holding more tentative. Risk trades were optimistic last week in pushing Fed rate cut expectations but have since pulled back amid some slight inflation concerns. So, keep an eye on that as well in looking into the crypto mood this week.
This article was written by Justin Low at investinglive.com.Hence then, the article about cryptocurrencies lose altitude to start the new week was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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