The cryptocurrency market is vulnerable to new losses

Bitcoin (BTC) has retreated from SMA100 daily amid short-term downside correction.
Altcoins are directionless with some of the coins showing gains on a day-to-day basis.

The cryptocurrency market has resumed the sell-off after a short period of range-bound trading that took. At the time of writing, Bitcoin stays down 2% since this time on Tuesday, while the majority of altcoins out of top-20 have are a mixed picture ranging from -4% to +2.5%. The total cryptocurrency market capitalization is registered at $248, unchanged from the day before; an average daily trading volume settled at $98 billion from $97 this time on Tuesday; Bitcoin's market share decreased to 67.2%.

Top-3 coins price overview

BTC/USD bottomed at $9,139 during early Asian hours and recovered to $9,170 by the time of writing. A confluence of SMA100 (Simple Moving Average) and the upper line of the Bollinger Band on a daily chart located above psychological $9,600, limits BTC/USD recovery. The critical support is created by SMA200 at $9,000.

Ethereum, the second-largest digital asset with the current market capitalization of $20.2 billion, has stayed unchanged a day-to-day basis and lost approximately 3.5% since the beginning of Wednesday. At the time of writing, ETH/USD is changing hands at $184.60, off the recent high of $192.23 touched during early Asian hours. Looking technically, ETH/USD recovery is capped by SMA100 daily, though the longer-term forecast remains bullish as long as it stays above $180.00.

Ripple’s XRP ha settled marginally $0.3000 after a strong recovery on Tuesday. The third digital coin with the current market value of $13.1 has gained over 2% of its value on a day-to-day basis and stayed unchanged since the beginning of the day.

Share: Cryptos feed

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.