BTC:
Price continues slumping after consolidation, now it has declined by more than 20% from $10,000 to around $7,000, which arouses panic among investors with such a fast rate. In addition, bearish views from some celebrities almost drive panic chips out.
Take a look at the hourly chart:
The range that price has been moving in is broken with expanding volumes, which can be referred to as an effective breakout. According to our selling rules for breakout, the first window to dump your chips comes when price breaks below the range, if you miss it, you can also clear your positions when price moves back to the lower end of the range.
Meanwhile, the slump during last session opens the door for next round of downtrend, which makes it effective to sell your holdings every time price moves back to MA 5, investors without any stock can still wait with patience, being cautious and conservative is highly recommended.
XRP:
Last bounce is comparatively strong, which can be explained by the fact that XRP has almost reached to the same level when BTC is near $6,000. When price gets close to former low, those trying to buy at the bottom price will release strong support by bidding. MA 5 can be used to judge the window for operations.
ETH:
ETH digests the support at bottom by continuous consolidation, adding that momentum during bounce remains weak. Market is still bearish and downtrend remains unchanged for now.
LTC:
LTC has experienced less loses during downtrend and shares a similar strength with BTC, making it correlated to BTC in price action. Once market turns bullish, LTC has more gains to be expected.
BCH：
BCH also dips to the same level when BTC price is near $6,000, overall, BCH is still correlated to BTC in price action.
EOS：
EOS just bounces because of the correlation to BTC in price action, the overall downtrend, however, remains intact.
Original by Kuang Ren, translated by AICoin Jami.
Disclaimer: The information contained herein is not guaranteed and is strictly for information purposes only. It does not constitute any trading proposal and will not be liable for any loss based on the information herein.
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