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Bitcoin (BTC), Ethereum (ETH), Ripple (XRP): Cryptocurrency Carnage, Prices Down 20%+

Bitcoin (BTC), Ethereum (ETH), Ripple (XRP): Cryptocurrency Carnage, Prices Down 20%+

Nick Cawley, Strategist

Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) Prices, News and Analysis:

  • Cryptocurrencies roiled in less than an hour.
  • Bitcoin trades below $5,800 as sellers hammer the market.

A Guide to Day Trading Bitcoin and Other Cryptocurrencies

Cryptocurrencies Slumping to Multi-Month Lows

In less than an hour the prices of all major cryptocurrencies have fallen by over 20% as extreme volatility stalks the market. As yet unconfirmed stories of large sell orders hitting the market have seen Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) hit multi-month lows with previous support levels taken out with ease.

Prices via IG

The one-hour Bitcoin chart shows BTC trading below $5,750, a high to low loss of 22% in one hour. Cryptocurrency prices started the day around 5% lower, but this move shows that the market has lost all confidence in cryptos with little support of note on the BTC chart. With such extreme volatility is difficult to say if this is a flash crash with a potential rebound near, or the start of a longer downtrend.

Bitcoin (BTC) One-Hour Price Chart (March 12, 2020)

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Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on Bitcoin (BTC) – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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