Crypto Market Update: Prices are under heavy pressure again, market sell off not over

Renewed selling pressure seen across the market on Friday, as prices battle to finish the week in the green.
Key areas of support are once again under threat, as upside momentum once again fails to be sustainable.

Ken Chigbo Independent Analyst

The crypto market has come under renewed selling pressure on in early trading on Friday. After what looked to be a promising week with good progress of gains being made, the market is giving those back now with this downside momentum.

Bitcoin’s $4000 mark is under threat again. XRP testing the $0.3500 area to the downside. Ethereum has recently breached the $115 mark. A wave of red across the board. The likes of Bitcoin had been staging a rebound doji via the weekly, but the bears pressing for a fourth consecutive week of losses.

Over the last week a bottom area had been formed for much of the market. This had been capitalized on, however it appears to upside momentum has lost steam. Eyes will be on whether a number of the cryptocurrencies can finish the week in the green.

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.

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