Crypto Market Analysis March 9th 2018Mar 9, 2018, 7:34PM
Cryptocurrency price markets saw huge losses at the end of March 8th with Bitcoin losing significant value in a number of hours.
Bitcoin prices were stable for most of Thursday before swiftly plummeting at approximately 11:30 a.m EST with heavy volume. This movement was mirrored by Bitcoin Cash, Ethereum, and Litecoin and seems to be the result of sector-wide headwinds and a negative technical setup.
Technical support levels have been breached on most major coins signaling a widening market sell-off going into Friday, 3/9/18. Bitcoin currently trades at around $8,500 and is seeing support at this level.
Ethereum prices were unable to break past resistance at $800 and entered a freefall through the 700s. $650 is providing support in the early hours of Friday, but it is unclear how well support will hold. If Ethereum breaks past $650, investors can expect accelerating declines, perhaps to the $600 handle.
Litecoin prices have failed to hold above support at $200 and have formed a heavily bearish descending channel pattern. Prices seem to have found support at approximately $160, but if this level is breached, investors can expect continuing declines.
The total cryptocurrency market cap is around $350 billion with Bitcoin dominance stable at 42%. The majority of the market is posting double-digit declines today with several major coins having lost upwards of 20% of their market caps in the last 24 hours.
Among the ten largest assets, Monero leads the decline with losses of a little over 20%. Cardano and NEO are not far behind – down by 19.84% and 18.53, respectively.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.