Cryptocurrency Prices, News and Technical Analysis
- Bitcoin slips below $6,000 but ratchets back.
- Ethereum breaks through noted support and may struggle on the upside.
Cryptocurrency Market Losses over $630 billion YTD
Market sentiment continues to remain weak after the latest heavy sell-off. The overall market capitalization fell to a low around $193 billion, a loss of $630+ billion during 2018. Even heavier losses were recorded in the ICO market with sellers spilling over into the main players. Ethereum in particular fell sharply as ICO holders bailed – most ICOs were bought using Ethereum – breaking noted support at $359. This now becomes resistance with support not seen until the $200 level.
Most coin charts are showing a series of lower highs this month, a negative technical set-up and one that points to further losses ahead. The recent rebound is looking shallow and weak and most coins remain stuck in a downtrend.
Ethereum (ETH) Daily Price Chart (January 22 – August 15, 2018)
We look at Bitcoin, and other cryptocurrencies, at our Weekly Cryptocurrency Webinar every Wednesday.
Cryptocurrency Trader Resources – Free Practice Trading Accounts, Guides, Sentiment Indicators and Webinars
If you are interested in trading Bitcoin, Bitcoin Cash, Ethereum, Litecoin or Ripple we can help you begin your journey with our Introduction to Bitcoin Trading Guide.
What’s your opinion on the latest 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 email at nicholas.cawley@ig.com.
--- Written by Nick Cawley, Analyst.
