Bitcoin’s correction on May 18-19 saw BTC prices fall from roughly $57,000 to und $35K, with the low at just $30,010. The sell-off appears to have been triggered by yet another political maneuver, namely comments in the U. S. that Crypto coins needed to be more regulated along with remarks from China that it wanted to put further restriction on Crypto trading.
The shock waves and sell-offs comments like these have triggered in the past usually last for about two days to a week, with this time apparently on the brief side. What these nasty official remarks did though was triggering various technical levels that signal lower prices and thus made the fall more severe. When all was said and done, prices were down as much as 37% in Bitcoin. The falls in Litecoin and Ethereum were even harder and more steep.
Existing head-and-shoulders formations in these Cryptos suggested correction levels in BTC around $35,800 and LTC around $210, but the lows came in even more extreme at $30,010 and $150.00 respectively. As a result, buying-the-lows appears to have started late Wednesday (05/19/2021) and prices have been seen recovering steadily from these levels throughout the night.
Some analysts drew more arbitrary and somewhat artificial-looking head-and-shoulders formations but still arrived at very similar results, https://www.ino.com/blog/2021/05/bitcoin-ethereum-and-ripple/comment-page-1/#comment-552627. Either way, the recent sell-off appears to have run its course. It remains to be seen how fast buyers are flocking to these corrected low prices. Depending on this, prices will be pushed back up and today’s buying opportunity might be over sooner rather than later.