Cryptocurrencies – Huge Sell-off Last Week

Arkadiusz Jóźwiak Comparic

Last week both Bitcoin and Ethereum dived really strong. BTCUSD lost in one week almost 19% and ETHUSD in some moments decreased even 28%.

On the chart of Ethereum we can notice that last week price broke key support area and then there was successful re-test. 220.00 area will work right now as new resistance. Currently the price is in area of weekly lows and if only support at 180.00 will be broken permanently, we can expect further losses. Next support is in area of 130 USD.

Technical situation of Bitcoin doesn’t look bright either. Looking at H4 chart we can notice that market have beaten important support at 2245 USD and reached psychological area of 2000 USD where we saw first signs of bulls. The question is whether this is not just a correction and re-test of broken support (now resistance).

Author

Arkadiusz Jóźwiak

Comparic

Active on Forex since 2012. Started with commodities, now he is an active Forex trader.

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