In the last 24 hours, The Cryptocurrency sector suffered a sharp selloff, led by Bitcoin (-7%) and XRP(-6.6%). As happened in other occasions, the move happened very fast, within five minutes from 12:40 to 12:45 on Wednesday on a substantial volume spike. The selling sentiment was similar on all cryptos, as can be seen in the Heat map.

The market capitalization of the sector fell 7% to $202.876 billion, which shows the extent and homogeneity of this drop. The dominance of the Bitcoin moved little,  to 65.53%, which shows the leading cryptos descended similarly, percentwise. We see also that the drop was a sharp panic decline, instead of steady descent.

24H market Capitalization

Fig 1 24H Crypto Market Capitalization


Hot News

There were no news events that could have triggered this selloff, but Zuckerberg's testimony before the US House of Representatives Financial Services Committee.

"A project like this could be important for extending America's financial leadership, contrary to the risks that are being pointed out." - Said Zuckerberg.

He also stated before the Financial Services Committee that Facebook was trying to build a regulated alternative to cryptocurrencies. "Libra is trying to build a safe, secure, and regulated alternative. The digital payments space needs that. "


Technical Analysis



Bitcoin dropped in a sharp 5-min spike that drove the price down to $7,455. On the daily chart, we can see BTC broke down the parallel channel in which it was moving and is possibly headed to a visit of the lower side of the descending channel. We see that the MACD has made a crossover to a bearish phase in its negative side, which is indicative of a continuation of the primary trend.

Bitcoin 4

The 4H chart shows the price is too overextended due to the sharp spike. That means BTC needs time to digest the move and create a more solid consensus price before continuing, by moving towards the Bollinger mean line.

The levels to observe for a second move to are $7,350 and 7280.















Ripple has definitively broken to the downside the triangular formation, after a fake up-break. After passing through the 0.285 support, the price made a couple of spikes before stabilizing the price below the 0.273 level, which acted recently as resistance, rejecting the attempt of buyers to push it beyond that level.

Technical indicators are bearish, although the price is trying to stabilize and moves horizontally to get out of the oversold condition.

The level to observe to spot the beginning of the next leg down is 0.266.















Ethereum, after its sharp movement, made this Wednesday, bounced off the $153 support and now is sitting slightly above the $160 level and touching the lower side of its descending channel. The price is oversold, and it seems willing to stabilize moving along the $160 support level.

The price outlook is bearish, as is moving below its 200 and 50-period MA, and also well below the -1SD Bollinger line.

The level to observe for the detection of the next downward leg is  $158.















100% Anonymous Trading on EagleFX - Trade NOW!

Risk Warning: CFD and Spot Forex trading both come with a high degree of risk. You must be prepared to sustain a total loss of any funds deposited with us, as well as any additional losses, charges, or other costs we incur in recovering any payment from you. Given the possibility of losing more than your entire investment, speculation in certain investments should only be conducted with risk capital funds that if lost will not significantly affect your personal or institution’s financial well-being. Before deciding to trade the products offered by us, you should carefully consider your objectives, financial situation, needs and level of experience. You should also be aware of all the risks associated with trading on margin.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin ready for bullish continuation as crypto bull cycle pauses

The cryptocurrency market has taken a hiatus after a gruesome week of overbearing declines. Bitcoin failed to break the resistance at $52,000 but headed south, resting the support at $45,000.

More Bitcoin News

XLM on the brink of a 45% collapse, shows technicals

Stellar price already had a significant 50% sell-off from its top of $0.60 but the bears could be eying up even more. There is a lot of downside potential for XLM as several indicators show it could be poised for another leg up.

More Stellar Lumens News

LTC whales go into a buying spree, eying up $260

Litecoin price remains bounded inside an ascending parallel channel on the 12-hour chart after a significant sell-off from $247 down to $157. It seems that LTC whales have taken advantage of the recent dip to buy even more.

More Litecoin News

DEXTF Protocol launches incentivization program on SushiSwap offering 376% APY

DeFi users will be able to generate massive returns as the SushiSwap Onsen protocol is about to offer a new incentivization program developed by DEXTF Protocol. 

More Sushi News


Bitcoin Weekly Forecast: BTC journey to $100,000 might be easier than expected

This past week has been extremely beneficial for Bitcoin which jumped by 30% since Monday 8. Several positive announcements, especially Tesla purchasing $1.5 billion worth of the digital asset propelled the flagship cryptocurrency to new highs.

Read the weekly forecast