Crypto market update: bears and bloodshed, as big levels breached across the board
- Selling pressure seen across the cryptocurrency market, moves which had triggered on Tuesday, but intensifying in the session on Wednesday.
- Bitcoin subject to falling below $6000, Ethereum drops deeply below $200 and XRP crashes through $0.5000.
Downside momentum across the crypto market remains very much evident. Collectively big areas are being tested and subject to breaches, which could spell further disaster. A move which bears had initiated in the back end of Tuesday’s session initially, to have been resumed today – Wednesday.
In terms of Bitcoin, the price nursing steep losses of some 3.5%, well into the second half of the trading day. BTC/USD desperately in search of a bottom, as vital area continues to be penetrated by the market bears. $6000 highly at risk.
ETH/USD has firmly breached the $200 level, a daily close below could be punishing to say the least. Elsewhere, XRP/USD wounded, a crashing through $0.5000 to the downside, last seeing trading within the $0.4700 territory.
Big moves, that are not driven by anything particularly fundamental, more so seeming to be technical, given key levels being broken.
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
