Blockchain stocks fell in premarket trading as Bitcoin price was down

Tiger Newspress2021-05-11

(May 11) Blockchain stocks fell in premarket trading as Bitcoin price was down.

The world’s largest cryptocurrency continues to trade much lower than April’s high of $65,000, which came in anticipation of Coinbase’s direct listing on Nasdaq.

While Bitcoin has remained relitavely stable, the altcoin market has flourished with the likes of Ethereum more than doubling in 16 days.

Typically, when Bitcoin trades in a sideways range while altcoins surge, profits will eventually be rotated back into Bitcoin causing pressure to the upside.

At the time of writing it is trading at $5,5406.9, 5.10% down from its overnight high of $59,700 following a flurry of leveraged short orders near $60,000 on derivatives exchanges.

If the $56,400 level of support breaks in the coming days we could well see downside price targets begin to emerge at $55,800 and $53,800, although it’s worth noting that the bullish structure of altcoins will definitely play in Bitcoin’s favour when it dips.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

jiajia321
2021-05-11
jiajia321
Uhjj
JOSEPHCHAN07
2021-05-11
JOSEPHCHAN07
Time to enter?
Khoogl
2021-05-11
Khoogl
Like
MinLee
2021-05-11
MinLee
Oh no pls like comment
- aalyn:
  sigh
Lim89
2021-05-11
Lim89
Gg
- JOSEPHCHAN07:
  Yah so baD

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