Bitcoin (BTC) is in the free fall. The first cryptocurrency broke below critical $7,800 supported by SMA 200 (Simple Moving Average) on a weekly chart and extended the downside towards $7,400. At the time of writing, the coin is changing hands at $7,480 amid strong bearish pressure.
Looking technically, the initial support is created by $7,450 (the lower line of the Bollinger Band on a weekly chart). It is followed by a psychological $7,000.
Ethereum price is trading in the red, down 6.70% the session on Wednesday.
ETH/USD has smashed out from the narrowing trading conditions seen over the past few sessions, inviting a wave of selling.
The market bears forced their way out from a bearish pennant structure via the daily.
XRP is trading down a chunky 9% in the latter part of Wednesday, following a brutal bout of selling that hit the market.
The price has been forced to trade at its lowest levels seen in over a week, as the price smashed out of a bearish flag structure. The noted pattern had been containing XRP since 25 September, as it was consolidating, after bottoming out late in September down within the $0.2100 territory.
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