Bitcoin (BTC), Ether (ETH), Ripple (XRP) Prices Continue to Plunge

CRYPTOCURRENCY PRICES, NEWS AND TECHNICAL ANALYSIS

• Cryptocurrency prices down 20%+ in 24-hours, market capitalization back to $200 billion.
• Support levels are becoming increasingly difficult to identify.

CRYPTOCURRENCY PRICES SLUMP 20%+ IN 24-HOURS

Wednesday’s crypto-market sell-off has intensified today with most of the major tokens registering 20%+ losses in the last 24 hours. As we mentioned yesterday when the move first started, there still seems to be no specific reason for the sell-off and its intensity, leading to increased speculation that market liquidity is not as robust as was first thought. Buyers it seems also disappear quickly when bearish sentiment prevails. Volume has picked to around $20 billion today but this is still way below the $50-$70 billion days seen when the market rallied at the end of 2017- start of 2018.

SUPPORT LEVELS BROKEN WITH EASE

The latest slump has seen old support levels taken out, leaving gaps on the charts. As we discussed yesterday at our Weekly Cryptocurrency Webinar – Bitcoin, Ether, Ripple – Sharp Sell-Off Wrecks Sentiment– the velocity of the rallies that took place 9-10 months ago have left huge gaps on the charts, making indentifying support levels difficult. We now have to look back to the start of the rallies to find levels of interest which means short-term support levels are as follows:

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