Crypto market in sharp fall in the week
Bitcoin dropped nearly 22% over the weekend due to China’s latest mining crackdown episode. Most altcoins also plummeted and volatility showed no signs of settling. Litecoin has fallen almost 14% in the last 24 hours, followed by ChainLink, with the last drop of 12.3% over the same period.
BTC / USD, TradingView
Bitcoin prices have fallen for most of the past week. At the time of this writing, the BTC was trading in the red and was valued at $31,600. Bears have been dominant for nearly a week and a half now and on the 4-hour trading chart the currency has not yet embarked on its journey to recovery.
Bitcoin’s market capitalization dropped 3.3% and BTC dropped 22.1% in 7 days. Bitcoin has hit the $32,600 level since June 8th. However it had broken on the downside and dropped below that support level to $31,600.
With respect to price fluctuations, Bollinger Bands portrayed the widening of the bands, a sign that price volatility can be expected in upcoming trading sessions.
LTC / USD, TradingView
The last few days have been bad for the LTC as it has fallen below the $131 support level. At the time of writing, the LTC has hit a price of $120.62 – the lowest level the currency has hit since the Crypto- Crash in May.
If Litecoin’s price holds up, the currency may start to see some price corrections. Bollinger Bands moved higher with a slight divergence, which indicated that there could be some price volatility.
MACD-Histogram showed a bearish cross on June 16 and since then the currency has moved with bearish momentum. Litecoin also fell below the oversold zone and is undervalued, with sellers heavily outpacing buyers. The relative strength index indicator was below the 30 mark.
Link / USD, TradingView
ChainLink has dipped below its crucial $19.2 support level in the past 48 hours. LINK had stayed above the $19.2 support level since seeing a price dip in May. At time of writing, LINK found support at $17.04.
Bollinger Bands remained divergent and point to an increase in price volatility. As the price of altcoin fell on June 21, the Parabolic SAR highlighted the beginning of a downtrend.
Finally, Awesome Oscillator suggested that the bearish impulse was dominant due to the presence of several red bars in the histogram.