BITCOIN, BITCOIN CASH, ETHEREUM, RIPPLE: PRICES, CHARTS AND ANALYSIS
- Cryptocurrencies fall between 25% and 50%.
- Overall market capitalization down by nearly USD60 billion.
CRYPTOCURRENCY MARKET – CALM BEFORE (ANOTHER) STORM?
Cryptocurrency market leader Bitcoin (BTC) touched a 14-month low of $,4051 on Tuesday evening before recovering back to around $4,400, but the bounce is unlikley to continue as sellers remain dominant in the market. Support levels on some charts are still a distance away, while other, newer, coins have little previous price action down at these levels. We warned over the last two months that tight markets and low volume can quickly spark a sharp breakout, either way, and the overall technical set-up of most coins – descending triangles – always pointed to lower prices.
BITCOIN DAILY PRICE CHART (AUGUST 2017 – NOVEMBER 21, 2018)
Investors remain net-long cryptocurrencies but recent changes give us a mixed trading bias – for example the number of traders net-short Bitcoin is up 50% from last week.
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