Cryptocurrencies Finished Lower Across the Board

Cryptocurrencies Finished Lower Across the Board

Cryptocurrencies Finished Lower Across the Board


Bitcoin, the worlds # 1 digital currency is currently trading at 6,529.75,+42.29, or +0.65%, as of 2:01a BST, the market is open

After a volatile few sessions last week Bitcoin  spent the weekend inside 6,300 – 6,600 with weekend trading volume at its lowest marks since 9 June according to the exchange data.

The trading volumes have been light in the Altcoin market, the market for smaller coins other than Bitcoin.

The top few cryptocurrencies by market value look to safest space and we are seeing rotation out of altcoins into Bitcoin.

Bitcoin volume data

After breaking out of the weekend range Monday, Bitcoin tested Key support, that if broken, could open up a significant move lower.

Last week’s decliner leaves BTC in a fragile technical position as it attempts to stabilize at 6,100-6,200 support. A break below 6,100 would signal a retest and possible break of 5,800 support with potential risk to 5,000.

Monday’s broad-based selloff has pushed the total value of all cryptocurrencies below $200-M and then Bitcoin bounced and restored the crucial number

Coming off a bounce-back week: Ether ETHUSD, +1.04% rise as much as 20% off its low, the 2nd-largest digital currency was giving back significant gains Monday, trading down 12% at 195.09.

Litecoin LTCUSD, +0.79% was down 8.5% at $52.21, Ripple’s XRP coin XRPUSD, +1.78% was lower by 3.9% at 27c and Bitcoin Cash BCHUSD, +2.41% was off 7.5% at 415.50.

Bitcoin futures ended lower Monday.

The Cboe Global Markets Group Inc.’s September contract XBTU8, +0.28% finished the session down 4.8% at 6,217.50, and the CME Group Inc. September contract BTCU8, -0.08% closed down 4.5% at 6,230.

Stay tuned…

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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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