Bitcoin (BTC) More Southside Action Ahead

Bitcoin (BTC) More Southside Action Ahead

Bitcoin (BTC) More Southside Action Ahead

$BTCUSD

After the pause at Thanksgiving, the crypto currency selloff has resumed with all major coins and alt coins trading lower Friday and on track to log their 3rd consecutive weekly declineer.

BitcoinBTCUSD, +1.41%  the world’s largest cryptocurrency, was last changing hands at $4,259.80, down 3.8% since 5 p.m. Eastern Time on the Kraken crypto exchange a day earlier and lower by 23% since the start of the week.

And for this analyst, the end to the crypto collapse is far from over as I see it.

Others agree

“Bitcoin is likely to move even lower after a failed attempt to break above the $4,700 level. The regulatory environment is suffocating the bulls and the bears are going wild. It is likely that the price may touch the level of $3,800 or even $3,500 if the current momentum continues,” wrote Naeem Aslam, chief market analyst at Think Markets U.K.

Aslam added that broad-based declines in cryptocurrencies is more concerning for Ether, the currency mostly distributed when crypto-related ventures pursue an initial coin offering.

“The most worrying aspect is that Ethereum could fall below the 100-mark and the honest truth behind that is because a large number of bogus coins have been flushed out of the system and this has made Ethereum less valuable,” he continued.

A single Ether ETHUSD, +2.74%  was last fetching $122.12, down 5.2% on the day. Ether is down more than 90% from its alltime high and has not breached $100 on the downside since May 2017.

Elsewhere in altcoins, which are smaller coins other than bitcoin, LitecoinLTCUSD, +2.90% is down 4% at $31.79, XRP XRPUSD, +2.42% is off 5.2% to 41 cents and Bitcoin Cash BCHUSD, +3.26%  was down 10.2% at $195.30.

In futures trading, the Cboe Global Markets December contract XBTZ8, -4.23% closed down 4.2% at $4,190 and the CME Group November contract BTCX8, -4.21% ended the day down 4.2% at $4,205.

Have a terrific weekend

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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