The cryptocurrency market continues to be under pressure, Bitcoin went below $57000 for a moment this Thursday, and the risk of further decline is still not over.
It is important to say that the entire crypto market capitalization rallied to a record $3 trillion last week and now has shed over $500 billion since Sunday.
This comes as the markets faced a huge sell-side pressure emanating from China’s continued crackdown on the crypto market. Edward Moya, a Senior Market Analyst at Oanda, added:
Effects of China’s recent actions on the market are being felt after the National Development and Reform Commission (NDRC) announced a new wave of crackdown on the crypto industry in the country this week. Yesterday, the government shut down ChainNews, Odaily, Block123, and has threatened to raise electricity tariffs of any organization or company found mining crypto.
From its peak of $69,000, Bitcoin is currently down more than 15%, and the upcoming days may bring more pain for the cryptocurrency market.
The prices of these three cryptocurrencies can weaken even more if the negative trend continues, and traders should consider that if Bitcoin falls below the $55000 support, it would add further pressure to the whole cryptocurrency market.LTC continues to trade close to $200 support level
Litecoin has weakened from $302 to $199 in less than two weeks, and the current price stands at $207.Data source: tradingview.com
If the price breaks the support level at $200 again, it would be a very strong “sell” signal, and the next target could be around $180.
Litecoin remains in a bear market, and traders should use “stop-loss” and “take profit” orders when opening their positions because the risk is currently high.BCH remains under pressure Data source: tradingview.com
If the price falls below strong support that stands at $500, it would be a strong “sell” signal, and the next target could be around $455.
The risk of further declines is probably not over, but if the price jumps above $600, we have the open way to $650.ETC has strong support at $40
Ethereum Classic has weakened from $65 below $47 since 09th November, and the current price stands at $48.Data source: tradingview.com
The strong support level for Ethereum Classic stands at $40, and if the price falls below it, the next price target could be around $35 or even below.
On the other side, if the price jumps above $55, it would be a strong “buy” signal, and we have the open way to the $60 resistance level.Summary
Since Sunday, the entire crypto market capitalization has shed over $500 billion as the markets faced a huge sell-side pressure emanating from China’s continued crackdown on the crypto market. This situation also negatively influences the price of Litecoin, Bitcoin Cash, and Ethereum Classic.
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