Prices of Bitcoin (BTC), Ether (ETH), Ripple (XRP) continue to fall

Cryptocurrency prices, news and technical analysis

  • Cryptocurrency prices fall 20% + in 24 hours, market capitalization returns to $ 200 billion
  • Support levels are becoming increasingly difficult to identify

Cryptocurrency Prices Slump 20% + in 24 hours

Wednesday's crypto-market sales intensified today with most major tokens recording losses of 20% + in the last 24 hours. As we mentioned yesterday when the move started, there does not seem to be any specific reason for the sell-off and its intensity, leading to growing speculation that the liquidity of the market is not as solid as initially thought. Buyers also seem to disappear quickly when bearish sentiment prevails. Today the volume has risen to about $ 20 billion, but this is still much lower than the $ 50- $ 70 billion of days seen when the market reorganized at the end of 2017 – early 2018.

  Bitcoin (BTC), Ether (ETH), Ripple (XRP) Prices continue to plunge

Support levels broken easily

The latest crisis has seen the old levels of support eliminated, leaving gaps on the charts. As we discussed yesterday at our Webinar Weekly Cryptocurrency – Bitcoin, Ether, Ripple – Sharp Sell-Off Wrecks Sentiment the speed of the rallies that occurred 9-10 months ago left huge gaps on graphs, making it difficult to identify support levels. Now we have to look back at the start of the rallies to find interest levels, which means that the short-term support levels are as follows:

Bitcoin (BTC) – $ 5,622 (mid-November 2017) [19659015] Bitcoin Cash (BCH) – Area $ 340 (mid-October 9, 2017)

Ethereum (ETH) – $ 200 (mid-September 2017)

Ripple (XRP) [19659006] – $ 0.20 (Mid-December, 2017)

Litecoin (LTC) – Area $ 40 (End of August, 2017 )

The dominance of Bitcoin remains despite the collapse of the market

domination of the Bitcoin market continues to push upwards and is currently around 54.8% as the altcoin market is very successful. Bitcoin remains the pre-eminent cryptocurrency and this deadline is helping to protect BTC from the worst market drop. Looking at IG Client Sentiment Indicator shows us the positioning of retail in various cryptocurrencies and how this can be used as a general indicator of the market.

Bitcoin – Traders are 74.2% net-

Ethereum – Traders are 92.8% long

Ripple – Traders are net at 95, 5%.

Litecoin – Traders are 91.1% net.

Bitcoin Cash – Traders are 88.9% net.

The previous numbers show that the outlets are positioned one-way, for a long time, although these positions have been more extreme. The fear is that if investors decide to throw in the towel and sell, the "exit door" may not be big enough to allow everyone to leave when they want. Bitcoin investors may be more isolated against heavy falls because retail placement is not as extreme as other tokens, due to its maturity and commercial history.

Daily Chart of Bitcoin (BTC) (November 2017 – September 6, 2018) [19659041] Prices of bitcoin (BTC), ether (ETH), undulation (XRP) continue to plunge [19659039] Let's examine Bitcoin and other cryptocurrencies in our weekly cryptocurrency Webinar every Wednesday.

Dealer Resources – Accounts, guides, indicators of trust and free practice webinars

If you are interested in exchanging Bitcoins, Bitcoin Cash, Ethereum, Litecoin or Ripple we can help you start your journey. We have a Introduction to the Bitcoin Trading Guide along with a Free Demo Account so you can practice trading this volatile asset class.

IG Sentiment Data shows how retail is positioned in various cryptocurrencies and how changes in holdings can affect market sentiment.

What is your opinion on the last market crash ? Share your thoughts and ideas with us using the comments section at the end of the article or you can contact me on Twitter @ nickcawley1 or via e-mail at the address [email protected]

— Written by Nick Cawley [19659006] analyst .

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