Ken Chigbo
Independent Analyst
- New selling comes back to the market on Thursday, with critical levels being penetrated.
- Bitcoin has been falling for going on 347 days now, falling from Dec 2017, at the heights of $19K plus.
A sea of red is seen across the board today, following a fresh wave of sellers coming in. Most cryptocurrencies had started the session firmly, trading in positive territory. However, into afternoon trading, the market came under renewed selling pressure.
Bitcoin hit session lows at $3595, Ethereum breached the big psychological $100 mark. Elsewhere, XRP traded as low as the mid $0.32 region and Litecoin trading into $27 territory. Several of the larger cap tokens were testing recent bottom areas, some can see technical double bottom formations.
It does not look as though the market is going to see the so called ‘Santa’ rally this year. This up there with one of the biggest crypto crashes in history for Bitcoin. Dropping around 82% over 347 days now from Dec 2017 to Nov 2018.
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