The sell-off of cryptocurrencies continues at full speed. After the downfall of November 14th, came the crash of November 19th, and November 20th is no better. Even Ripple, XRP/USD, which was initially more stable, is tumbling down.
Bitcoin (BTC/USD) is trading around $4,350 at the time of writing. FXStreet Crypto expert Tomas Salles suggests that the next significant support line for Bitcoin is well below $4,000. Here is what he wrote just before the recent downfall.
The second downward target is at the price level of $4,450 (price congestion support). This congestion zone began to form in August 2017 and extended its influence until the end of September. Below this price level, the BTC/USD would not find a new strong support level up to $3,676.76 (price congestion support).
Ethereum (ETH/USD is at the $130 handle. Update: Ethereum lost the $130 handle and continues to lower ground.
Ripple (XRP/USD) is at the $0.40 handle. XRP benefitted from the recent crash to overcome Ethereum as the second cryptocurrency in terms of market capitalization. However, it is not immune.
The sell-off continues at full steam at lower levels cannot be ruled out. Several explanations have been suggested to explain the move. The hard-fork in Bitcoin Cash, the lack of an approval for a Bitcoin ETF and also other reasons.
