Bitcoin, Ethereum Plunge; Technical Support Levels Breached
- BTC China announces it will stop all trading on September 30.
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Bitcoin, Ethereum, Litecoin – The Crash Continues
The graphs below highlight this week’s heavy selling pressure in the crypto-currency market. After the slew of bad news at the start of the week – we highlighted all the negative impulses at our weekly Bitcoin Webinar – the market continues to drop, falling through technical support levels with ease. Fibonacci support for BTC at $3780 provided no support at all and the digital coin now nears the 61.8% retracement level at $3407.
Chart: Bitcoin (BTC) Price Daily Timeframe (March 15 – September 14, 2017)
Likewise, ETH dropped through the 50% Fibonacci level at $273 and is currently below the 0.38% retracement level at $241. DailyFX currency analyst Michael Boutros recently highlighted ETH downside support levels, warning that the risk remains lower.
Chart: Ether (ETH) Price Daily Timeframe (March 15 – September 14, 2017)
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Chinese Exchange to Close on September 30
Following on from news last week that the Chinese authorities were banning Chinese companies from raising money via ICOs, and looking at 60 ICO exchanges, one of the largest Asian exchanges, BTC China tweeted today that it would stop all trading on September 30 on regulatory concerns.
Losses were seen across the board during the ongoing sell-off, with the total crypto-currency market valuation falling to $117.5 billion from a record high of $177 billion at the start of September – a precipitous 33% drop in less than two weeks.
Market Moves/Top 8 Capitalizations – September 08, 2017
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--- Written by Nick Cawley, Analyst.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.