A new week begins with a fresh sell-off of cryptocurrencies. Bitcoin (BTC/USD) gradually dropped below 5,200 recorded in last week’s downfall and printed printing the lowest levels since October 2017. And the gradual slide then turned into a free-fall and the top cryptocurrency is trading below the round level of $5,000.
In his technical analysis, FXStreet Analyst Tomas Salles points to the next levels:
The first downward target is at the price level of $4,929(price congestion support). This level coincides with the consolidation zone at the end of October 2017. It does not appear that this will be the consolidation zone of the current bearish movement in this case. The second downward target is at the price level of $4,450 (price congestion support). This congestion zone began to form in August 2017 and extended its influence until the end of September. Below this price level, the BTC/USD would not find a new strong support level up to $3,676.76 (price congestion support).
Here is how the move looks on the Bitcoin daily chart. Click on the graph or here to see a live Bitcoin graph:
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Ethereum (ETH/USD) hits the lowest levels since July 2017, falling by more than 10% and slips below $150. Ripple (XRP/USD) is also dragged lower alongside its digital currency peers and but is far from the lows.
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