DASH, ETH, LINK: Top-3 Crypto Losers of the Week

Now, reports suggest that the U.S. Commodity Futures Trading Commission is investigating whether BitMEX allowed U.S. residents to use its platform to trade.

Total crypto market capitalization dropped from over $386 billion on June 27 to a low of just under $252 billion on July 17, which is a fall of 34.7%. Though this looks like a deep cut, we believe that it is a healthy correction as it comes after a sharp rally from close to $100 billion mid-December last year to $386 billion.

On July 16, the DASH/USD pair plunged below the 61.8% Fibonacci retracement level of the entire rally from the lows.

Traders can thereafter initiate long positions with stops placed below $95.On the other hand, if the bears sink the price below $95.4264, it may result in a fall to $86.3249, which is the 78.6% Fibonacci retracement of the rally.

Traders should avoid bottom fishing if the support at $95 gives way.

Traders should avoid cherry-picking if support at $191.879 breaks down.

LINK/USDChainlink started its uptrend on April 30, rallying from a low of $0.4320 on that day to a high of $4.5826 on June 29.

The LINK/USD pair might trade between the 20-day EMA and the 50-day SMA for a few days.

If the pair breaks out of the 20-day EMA and the downtrend line, it will signal strength and traders can buy with stops placed below the recent lows.

The pair will lose momentum below $2.0175, hence - following the breakdown - traders should wait for a new buy setup to form before initiating long positions.