Bitcoin continues to lose ground compared to altcoins, although today’s sell-off in the most valuable coin infected the rest of the segment with only Bitcoin Cash surging higher, and crossing the $800 level for the first time since late-August.
BCH/USD, 4-Hour Chart Analysis
BTC dropped below $7000 and quickly got close to the short-term support level at $6700 as the decline accelerated.The long-term picture remains overbought for the currency after its recent stellar rise, and while the short-term MACD is neutral, risks are still skewed towards the downside and a deeper correction is expected in the coming period. Support levels are found below $6700 at $6000, $5800, and at $5400.
BTC/USD, 4-Hour Chart Analysis
NEO and IOTA are leading altcoins lower with double-digit losses, but Litecoin, Monero, Ripple, and Ethereum are also significantly lower, with only Ethereum Classic and Dash holding on to marginal gains after a positive start to the session.
The sell-off took the total value of the market below $200 billion again, and the expected volatility in BTC could cause more turmoil. That said, the long-term picture looks encouraging for the major altcoins, so let’s see how the short-term charts look before the weekend.
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