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Several Indicators Suggest The Crypto Market Is In For A Correction After Recent Rally
Summary: The crypto market is showing some signs that a correction is on the horizon after a recent rally, according to analysts. The Bloomberg Galaxy Crypto Index is pushing up against the 600 level, where the market has typically faced resistance since 2019, as reported by Bloomberg Quint. 30% of the Index is made up of ...
The crypto market is showing some signs that a correction is on the horizon after a recent rally, according to analysts.
The Bloomberg Galaxy Crypto Index is pushing up against the 600 level, where the market has typically faced resistance since 2019, as reported by Bloomberg Quint. 30% of the Index is made up of Bitcoin, which recently breached the $12,000 price level but has since dropped back below.
The Moving Average Convergence Divergence indicator — a metric which can help to assess trends and momentums in a market by comparing two moving averages of a securities price — has moved to a negative divergence suggesting that gains may be unlikely in the short term.
If this negative trend takes hold, the market could see a drop back to the 500 level, a 10% retreat from its current position.
By Emily Mason
Tags: Bitcoin,BTC,Crypto Market,Crypto Rally
Link: Several Indicators Suggest The Crypto Market Is In For A Correction After Recent Rally [Copy]
