Cryptocurrency Price Analysis: March 15thMar 16, 2018, 5:10PM
Bitcoin, Ethereum, Litecoin and Ripple all experienced considerable losses after news of Google ban on Cryptocurrency related ads.
Bitcoin's market cap has declined steadily for the last two weeks and now sits near yearly lows. Thursday's price action was relatively stable with prices fluctuating between highs of around $8,400 and lows of $7,700.
Bitcoin closes the day near the 38.2% Fibonacci extension at $8,000. If the price breaks lower, this could signal a drop down to the 50% extension at $6,459.
Ethereum also enters Friday with a strongly bearish setup and investors can expect further declines. The price of Ether has fallen below both the $650 and $620 resistance levels against the USD and now dips below the important psychological resistance level of $600. Investors can watch for support at $550 going into Friday.
Litecoin takes a break from its month-long downward trend, entering Friday with modest gains. Prices hold steady between the days low of $150 and resistance at around $170. If Litecoin breaks through resistance, it could signify a bullish setup.
The total cryptocurrency market cap now sits at around $325 billion with Bitcoin dominance slightly above last week's figure at 42.4%. The market goes into Friday relatively stable with most of the top ten largest coins posting modest, single-digit movements in the last 24 hours.
Ripple is the largest mover in the top ten. Prices are up by around 8% after the announcement of a successful test with BBVA, a banking organization based in Spain.
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.