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#1 19-12-2019 08:53:58

johnedward
Admin & Trader
From: Paris - France
Registered: 21-12-2009
Posts: 2886
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Bitcoin took a dive this week, dragging down other cryptos

Bitcoin took a dive this week, dragging down other cryptos - thresholds to watch for this week


http://www.forex-central.net/forum/userimages/bitcoin.JPG
Bitcoin and most other crypto currencies took a plunge in the past few days, following several days of uncertainty and very low volatility.

After a peak at $7,300 last week, the Bitcoin hit a low of $6,546 on Tuesday night, a drop of over 10% over a few days.

As is often the case with cryptos, the fundamental factors behind this decline are unclear. No significant information, either positive or negative, can be found in the press in recent days.

From a technical point of view, however, the BTC/USD has a clear selling profile. In the event of a possible further decline, traders will be watching the $6,514 threshold, the 25 November low, as immediate support.

Below this threshold, it will be difficult to find other potential support levels before the major psychological threshold of $6,000.

On the upside, the first potential resistance level is at the psychological threshold of $7,000, ahead of $8,000, followed by the 200-day moving average at $8,300.

Lastly, it should be noted that although Bitcoin is followed by the other crypto currencies, and not the other way around, Altcoins have posted much greater declines than Bitcoin in recent days.

Over 7 days, Bitcoin is currently decreasing by about 8%, but Ethereum (ETH/USD) shows a decline almost twice as pronounced over the same period, with a drop of 15.39%. The Ripple (XRP/USD), the third largest cryptocurrency in terms of capitalisation, dropped by over 16%. Finally, the 2 next biggest cryptocurrencies, Bitcoin Cash (BCH/USD) and Litecoin (LTC/USD), posted decreases of 14.7% and 15.26% respectively.

Currently, the Bitcoin is picking up again and trading at around $7,082.

Hourly BTC/USD chart

http://www.forex-central.net/forum/userimages/BTCUSD-H1.png



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