Wednesday, 23 May 2018 08:52

Crypto Market Sees Red as Bears Take Control

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The crypto market was in turmoil on Wednesday, 23 May 2018 with almost all currencies showing significant price declines. Bitcoin led the way with the world’s main crypto coin losing over $500 in a 12 hour stretch.

Where Bitcoin goes the others follow and most traders woke to find almost all positions deep in the red. Total Market Capitalization fell to $343 Billion from the lofty heights of $830 Billion in January 2018.

total crypto market capitlization may 2018 1   

In the past 24 Hours Bitcoin lost 5%, Etherium a significant 10%, Ripple 8.5% and Bitcoin Cash 12%. The only currency that showed green in the top 20 was the dollar backed stable coin, Tether, as investors fled to safety.

top 10 cryptocurrency marketcap bitcoin

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Most traders are staying in a no-trade zone waiting to see what the market will do next. The first support of $8400 was easily broken, followed by the $8200 & $7800. There is a firm support area at $7300 but if it breaches that then there is no telling where the down trend might end. Some speculate that we might even see $6000 again after testing that level in February and again March 2018.

On the 1 Day chart the RSI is 37 which means that the decline might continue further. "The RSI provides signals that tell investors to buy when the currency is oversold and to sell when it is overbought. Source: Wikipedia

bitcoin currency trading chart

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Most coins are on sale at present but it might be best to see where Bitcoin settles before entering new positions. The bears are currently in control of the market and the next 24 hours will be telling.

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