Markets Update: Major Crypto Markets Dump in Unison
The majority of crypto markets appear to have regained correlation with bitcoin, with BCH, ETH, LTC, DASH and many other major markets dumping in unison with BTC. For bitcoin, today’s retrace down to test the $11,000 USD line comprises the sixth consecutive day that BTC has lost value after testing the $20,000 area, whereas BCH is experiencing its second days of retracement following its dramatic establishment of new record highs at the $4,000 area.
Bitcoin Loses 40% in 1 Week
Bitcoin has continued to dump in recent days, with the BTC markets having now experienced its sixth consecutive day of retracement following the establishment of new all-time highs just below the $20,000 area on multiple major exchanges.
As of this writing, the BTC markets are trading above $12,200 after having found structural support at the $11,200 area – comprising a full retrace of the bull run that started from the 10th of December. Bitfinex experienced loss of approximately 40% percent – dropping from a high of $19,891 on the 17th of December to test a local floor of $11,000 today. Bitstamp’s price dropped by approx. 40%, falling from $19666 to a low of $11,160.
Looking at the weekly chart, the bearish week has comprised a test of the 61.8 Fibonacci retracement area when measuring from July’s $1,800 breakout area. The recent slump has also dragged the weekly stochastic RSI below the 80 thresholds for the first time since early November.
Bitcoin Cash Retraces by 61% in Two Days
BCH has also experienced a significant loss in value, pulling back by approximately 61% in two days before bouncing off the $1570 area when paired against the U.S. dollar on Bitfinex. The considerable retracement has followed BCH’s recent dramatic spike that established a new all-time high of approximately $4,110 – after the market gained approximately 130% in just three days. BCH is currently trading for roughly $2300.
Altcoin Markets Regain Correlation With Bitcoin
Following this recent price action in which scores of altcoins set new all-time highs against the dollar, many major altcoin markets have seen retracements of a comparable percentage to that experienced by bitcoin in recent days.
Litecoin established a new high of almost $370 on December 19, before retracing by approximately 45% over the course of following days, to establish a local floor of roughly $200 this morning. LTC is currently trading for approximately $250.
<figcaption class="wp-caption-text">Bitstamp – LTC – 1D</figcaption>
After setting a new record high of approximately $860 on the 17th of December, Ethereum has since pulled back, with bearish momentum accelerating to reach an approximately 30% retrace from the all-time high to test the $600 area. ETH is currently trading for approximately $670.
Dash established a record high of $1600 on the 20th of December, and has since witnessed losses of approximately 40% – culminating in a test of $930 area. Dash has since bounced, with prices currently hovering at approximately $1100.
<figcaption class="wp-caption-text">Poloniex – DASH – 1D</figcaption>
Ripple have continued to gain against bitcoin – with XRP establishing a new all-time high of roughly $1.35 after gaining by more than 100% in the last 2 days. As of this writing, Ripple is consolidating just below the $1.00 USD at $0.96 after experiencing a 40% retracement down to the $0.80 area earlier this morning.
<figcaption class="wp-caption-text">Bittrex – XRP – 1D</figcaption>
Do you think the recent dump is a healthy retracement? Or a sign that a reversal of the 2017 bull market may be imminent? Share your thoughts in the comments section below!
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