Prices of top cryptocurrencies fall as bitcoin looking bearish
Before we all knew it or could prepare, the price of bitcoin went from $6600 to about $6300 in 24 hours.
Charts are showing a huge dump meaning a lot of dollars worth of bitcoin was sold over the past 48 hours, and majority of the losses coming in a 30 minute window.
This drop immediately effected some of the other major cryptocurrencies like XRP, ETH, and BCH. Days leading up to the 5% drop in bitcoin and 10% drop in ETH XRP and other top cryptocurrencies, volume was slowly declining. Leading the group of coins losing volume was XRP which went from doing $2B to about $600M in volume.
The reason volume is important is because it not because it can show the popularity of a coin, but you can use it to get an idea of when the momentum us about to change.
Other coins such as Tron Nem and Nano decreased by an even more significant amount.
Rumors were that Japan and Korea started the sell off because of another opportunity in the stock market to be chased and needed to be funded. Proof of this is the leading exchanges in Asia Bitthumb, and Upbit have increased volume significantly over the past few days.
The important levels that Bitcoin has to hold is between where it is at now and the $6000 level. I dont think that it is likely for Bitcoin to drop again this significantly in the near future causing it to go to about the $5000 level. It could be easy for Bitcoin to make an easy comeback and gain a position at $6600 once again, as for the other top cryptocurrencies with the lack of volume it could be a lot harder.
