Crypto today: Bitcoin down over 4%, Ethereum follows suit; range play intact

Haresh Menghani FXStreet

Bitcoin, the world's most traded virtual currency, extended its recent range-bound price action through the early European session on Friday.

Currently trading around the $11K mark, down over 4% for the day, the digital currency failed to build on last week's goodish rebound from $9,230 area and has been confined within $2,000 trading range since the beginning of this week.

The largest cryptocurrency in terms of market capitalization has been consolidating inside a symmetrical triangular formation on 1-hour chart and a decisive breakout would now set the next leg of short-term trend.

In the meantime, Ethereum was seen trading weaker below $1050 level, also down in excess of 4.0% for the day, with the total market capitalization of all cryptocurrencies on Friday staying above $550 billion.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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