Cryptos crash continues, Bitcoin below $3,600

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Cryptos crash continues, Bitcoin below $3,600

Crypto currency outlook

  • Crypto Market continued to loss momentum and a sell-off completely takes over
  • Market outlook is withering, as buyers are stepping off
  • Further losses might be upcoming, as crypto market lacks buyers amidst its recent devastating decline

Death Crossed Cryptos Continued to show weakness

By market capitalization, the Bitcoin and Ripple are the two largest coins, and both of them are languishing their multi-months lows, as buying crowds are absent in the market. Over the last few months, the Bitcoin was traded between 5,500-6,500, leaving the buyers an opportune moment to take the advantages of rebound. This time, the devastating market move has already wiped out over 150 billion of crypto capital, and buyers are too afraid to step up for a wishful rebound.

In this week’s heavy downfall, most of the cryptos are down between 30% to 40%, though the market could not sparkle even a little buying interest, as Bitcoin is residing at $3,550. Since 96.1% retail traders are net-long, buyers are stepping away and this could catalyze further losses.

Previous levels of Bitcoin support levels have now been changed and the next level of support remains at $2950, the September 2017 low. However, as the RSI indicator shows, the Bitcoin remains oversold, which is also acting as a pernicious factor behind sluggish growth momentum, yet it might provide a slight protection against downside move in the short-term.

Bitcoin daily price chart

Bitcoin daily price chart

Ripple remained vulnerable to further losses, as it has already broken its key support level, and currently is residing at 0.33, while Litecoin losing over 50%, currently residing at 28.4. As it was forecasted, Ethereum took the heavy battering, losing over 60% in the past few weeks, residing at 103, as most of the ICOs had been sold through Ethereum since 2017, and two ICOs, being penalized, are paying the buyers back.

Ripple daily price chart

Ripple daily price chart

As crypto market has been trembling over the fear of further losses, buyers remain ruminative whether a upside rebound is likely or not. In short term outlook, Bitcoin might find its key support at 2970-3070 region, however its key resistance remains in the 3,775-3,970 region. As all of the cryptos have lost between 30%-40% of their total capital, further upside in a near-term outlook appears to be highly unlikely. Though, as the cryptos remain oversold and 96.1% retailers are net-long, it could provide a break to its pervasive pessimism and prices could hang around between 3,500-4,000 for the next few days, as market data suggests.

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[Disclaimer: The content of this article is personal opinion and should not be considered as investment advice or suggestion towards any trading activity.]

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