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Bitcoin nearly down 30% from 2019 high, where is alt season?

source-logo  chepicap.com 02 July 2019 09:26, UTC

With Bitcoin tinkering on a nearly 30% decline in price since reaching it’s new yearly high, most people will be wondering “when alt season?”

Bitcoin has seen a major correction of nearly 30% since reaching the new yearly high of $13,800. The recent price correction means most traders have been keeping a keen eye on altcoins for alt season, which does not seem to be coming anytime soon. 

BTC/USD Chart provided by Tradingview

Bitcoin looks set for more blood and could test lower $9,000 levels according to traders. Everyone will be expecting Bitcoin to possibly find support between mid-$8,000 levels and mid-$9,000 levels, which would allow altcoins some space to recover against Bitcoin. 

Alt season most likely does not look set to be happening anytime soon as most traders expect. While Bitcoin is still extremely volatile, alt coins have recovered slightly in BTC pair, however USD pairs continue to slide with Bitcoin.

When we hit 9.3 start buying spot BTC and put it into alts that have reclaimed the prior week's losses

— Nik Patel (@cointradernik) July 2, 2019

#bitcoin - $BTC

Price action broke key supports with heavy sell pressure:

21ema
11.7k
89ema
10k

The first retrace target was demolished and turned into resistance upon retest - now testing 200ema.

Failure to bounce up from here: low 9.3/9k (green target) pic.twitter.com/FKwoFJGWkL

— TEDDY 🌐 (@teddycleps) July 2, 2019

$9715 will be the 30% pullback mark for $BTC

— Josh Rager 📈 (@Josh_Rager) July 2, 2019

$BTC under $10k will help kick #ALTSEASON into high gear

And don't worry, institutions will be buying $BTC back up to new yearly highs soon enough. They are just getting warmed up.

— Satoshi Flipper (@SatoshiFlipper) July 2, 2019
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