• Around $2.3 billion worth of orders were liquidated on BTC, ETH, and LTC.
  • Just Binance alone saw $190 million in liquidations in under 10 minutes.

The entire cryptocurrency market suffered somewhat of a flash crash in the past 24 hours losing around $110 billion in market capitalization. Bitcoin price dropped from a high of $33,600 down to $28,130 but has managed to recover. The entire market recovered quickly and the current market cap sits at $860 billion. 

 

 

During the flash crash, around $190 million in long positions were liquidated on Binance and close to $2.3 billion in total across all exchanges. According to Bybit, more than 150,000 traders were liquidated during this time frame. Although things were looking dull at first, the market has managed to recover significantly. Many analysts believe that Bitcoin should pull back even harder to maintain a healthy uptrend. 

Will the next dip be worse or better?

The last dip was massive, but nothing out of the ordinary as we have seen steeper dips in 2017 for Bitcoin. The fact that Bitcoin and others managed to quickly recover shows that investors are still aiming for higher highs.

btc price

BTC/USD daily chart

With this in mind, it’s totally possible that the next dip will be bought even faster as now everyone expects that. Bitcoin bulls defended the 12-EMA support level which is critical and always an accurate indicator on the daily chart.

As long as Bitcoin price stays above the 12-EMA and the 26-EMA which is the strongest support level, the uptrend will remain intact. Only a dip below the 26-EMA would be concerning and a significant shift in momentum.

Ethereum price came late to the party but has finally cracked $1,000 and peaked at $1,162 before plummeting. The current price is $1,030 as the bulls hope to continue with the uptrend.

eth price

ETH/USD 6-hour and 9-hour charts

However, the TD Sequential indicator has presented a sell signal on the 6-hour chart and it’s on the verge of doing the same on the 9-hour chart. If both calls are confirmed, we could see Ethereum price dip towards the psychological level at $900 again.

Litecoin has been one of the few altcoins that performed even better than Bitcoin in the past month, rising by more than 150% hitting $173 which is still far away from its all-time high at $360.

ltc price

LTC sell signals

The In/Out of the Money Around Price (IOMAP) chart shows practically no resistance ahead well until $180 which means bulls can continue pushing Litecoin price freely. 

ltc price

LTC IOMAP chart

However, similar to Ethereum, the TD Sequential indicator has presented two sell signals on the 6-hour chart and the 9-hour chart which seem to be getting a lot of continuation. A breakdown below the crucial support area between $148 and $152 will push LTC down to $135.


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections

Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections

MAGA trades slightly down to around $3.4 on Tuesday after rallying more than 20% since Sunday. The former President Donald Trump-based memecoin is poised for further gains as daily active addresses and network growth metrics rise, signaling increased network usage and adoption.

More Meme Coins News
Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.

More Bitcoin News
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.

More Ripple News
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.

More Ethereum News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP