The cryptocurrency market cap dipped below $500 billion on Wednesday, and also the price of bitcoin decline from 12000 USD to 10700 USD today, also the others 10 major crypto currency markets record some loses .Ethereum fall from 951 USD to 851 USD, Litecoin fall from 230 USD to 217 USD, Ripple fall from 1.30 USD to 1.01 USD, Bicoin cash from 1500 USD to 1350 USD .
This little crash is caused by 3 fators :
1-The fear of the negative impact of The expiration of the trading futures of CME on 23/02/2018 .
2-The fear of a crypto ban in some majors crypto markets as : India and Russia
3-Traders that have buy on the last crash, have take profit, what has cause a sell off .This red day is just another cycle of the market, we will see green days, never sell crypto in lose .
Crypto markets from Coinmarketcap
After a deep correction the last week at 7500 USD, the price of bitcoin recover from this price and reach 12000 USD on thursday, but today wensday bitcoin is traded around 10750 after, after a correction from 12000 USD to 10800 USD .
The major support level are 10000 USD, 9500 USD, then 9000 USD, if bitcoin break this support we could see a more deep correction around 7500 USD then 6500 USD, but if this digital asset break the major resistance level of 12970 USD, bitcoin will be traded from 13500 to 15000 USD and this will be a bullish signal , or bitcoin will stabilize and stay traded from 9500 to 12000 USD, waiting new money to come in the crypto markets and the increase of the buy wells, but if bitcoin don’t break 12970 USD, bitcoin remain bullish and risky to open a trade .
Bitcoin chart from Coinmarketcap
After recovering from the last deep correction around 596 USD, and reaching 977 USD, Ethereum record another pullback, and now this coin is traded around 830 USD, the major supports lines are 750 USD and 700 USD, the major resistance lines are 1000 USD, 1200 USD .
If ethereum fall below 800 USD, this is a bearish signal, and if ethereum break the resistance line of 1000 USD this is a bullish signal .
This level from 750 USD to 850 USD are good entry point for a short term trade
On 25/02/2018 there is the Asia-Pacif Meetup Ethereum, and on 01/03/2018 there is ETH proof of stake »Ethereum will launch Caspar Update and change to POS » .
Ethereum chart from Coinmarketcap
Price bounces at the current horizontal support at 0.9790, and then uses it as a launch pad to hit the upside target of 1.2150. With this scenario the move probably will not be straight up, there is likely to either be a: retest of the
-Price tests the current horizontal at 0.9790 and then rolls over, breaking below the middle to the lower at 0.6500. If it breaks the middle support at 0.9790 it doesn’t necessarily mean it will tank to 0,6500, but it does show a longer term weakness in the pair and shows the recent corrective move might be voided, and will create a volatile market.
Ripple chart from Coinmarketcap
Also durring this Reddays i advice you to keep your eyes on : Monero, Stratis, etc and Tron .
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