The Crash in Cryptos Might Be Over, As Ethereum and Bitcoin Put Up A Fight
Today was the worst day ever for cryptocurrencies, which saw them lose half their value, as they crashed down. There could be many reasons for this, such as Elon Muskโs comments to drop Bitcoin. Although, the decision in China to restrict crypto use might have been the catalyst for this.
Three financial industry associations on Tuesday directed their members, which include banks and online payment firms, not to offer clients any services involving cryptocurrency, such as currency exchanges, registration, trading, clearing and settlement. The directives were made in a joint statement from the National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China, and posted by the Peopleโs Bank of China (PBOC).
As a result, Bitcoin fell to $30,000, while Ethereum declined to around $1,850. Todayโs decline was even bigger than the retreat in early 2018, following the crypto surge at the end of 2017. Our Litecoin signal was smoked, but we opened another buy signal near the bottom, so we are around $50 in profit already there, or 5,000 pips.
The 20 SMA keeps acting as resistance for Ethereum
At the moment they have retraced higher and have claimed half of todayโs losses. The H4 candlestick in Ethereum has closed as a small hammer with a long wick, which is a bullish reversing signal. BTC/USD is also trying to come back, after having climbed more than $7,000 off the lows. So, the decline seems to have ended for the moment and we are seeing buyers come back.
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