Why Is the Crypto Market Down Today? from qocsuing's blog

Why Is the Crypto Market Down Today?

In the news, Binance suspended Bitcoin transactions for the second time in a few hours, since the network became congested, causing fees to increase considerably.To get more news about Crypto currency market, you can visit wikifx.com official website.

The Prime Minister of Liechtenstein stated that he wants to allow citizens to pay for government services using Bitcoin.The TOTALCAP has decreased since April 14. On April 20, it cropped below the $1.16 trillion area. Afterward, it validated it as resistance on April 26 and May 6 (red icons).

A drop below a resistance area and the ensuing validation as resistance is considered a bearish sign. So, it usually lead to downward movements.If a downward movement occurs, the closest support area will be at $1.03 trillion. On the other hand, if the price moves above the $1.16 trillion resistance, it can increase to the next resistance at $1.26 trillion.

The price of Bitcoin has been following a head-and-shoulders pattern since March 17. This pattern is viewed as negative because it typically results in a decrease in price.

The neckline of the pattern is at $27,500, and if the price falls below this point, it may lead to a significant drop to $23,200, which is the 0.5 Fib retracement support level.

However, if the price of Bitcoin surpasses the right shoulder of the pattern (indicated by the red line), it will negate the bearish trend and could potentially increase in value up to $42,000.

The SUI price broke down from the $1.26 horizontal area on May 8. The downward movement led to a low of $1.09 the same day.

While the price created a long lower wick, which is considered a sign of buying pressure, it is still trading considerably below the $1.26 horizontal area. If the decrease continues, the next closest support area will be at $0.96. However, if a bullish reversal occurs, the SUI price can increase to the $1.26 resistance area again.