The cryptocurrency market has skilled a flash crash, with the costs of most cryptos presently down by over 10% up to now 24 hours
The cryptocurrency market has skilled huge losses over the previous 24 hours, successfully wiping out the earnings recorded within the final two weeks. Bitcoin is presently down by 11%, dropping under the $50,000 mark as soon as once more, and is presently buying and selling simply above $46,000 per coin.
Ether can also be down by the identical 11%, with the second-largest cryptocurrency dropping its help across the $3,500 zone, and it’s presently buying and selling round $3,470 per coin. Bitcoin Money (BCH) was one of many greatest winners final week, hovering near the $750 area.
Nonetheless, BCH has worn out most of its latest positive aspects, with the cryptocurrency dropping greater than 10% of its worth within the final 24 hours. At time of writing, Bitcoin Money is buying and selling at $675 per coin and will drop decrease within the coming hours if present market circumstances persist.
At present felt like a quick capitulation on #altcoins.
— Michaël van de Poppe (@CryptoMichNL) September 7, 2021
Bitcoin Money worth outlook
The BCH/USD 4-hour chart is presently bearish following the huge losses recorded within the final 24 hours. The technical indicators rapidly turned bearish after the efficiency yesterday. Bitcoin Money’s RSI presently reads 34, which signifies that the cryptocurrency is now within the oversold area. The MACD line has additionally slipped into the bearish territory regardless of BCH nonetheless being up by 6% up to now seven days.
BCH/USD 4-hour chart. Supply: TradingView
If the present bearish circumstances persist, Bitcoin Money might drop under the primary main help degree at $660. Nonetheless, until there may be an prolonged interval of sell-off like yesterday, the second main help at $639 ought to cap additional downward motion for Bitcoin Money.
The bulls are looking for to regain management of the market. If the market turns bullish, BCH might look to interrupt previous the $690 pivot degree and attain the primary main resistance degree at $709. Bitcoin Money will want help from the broader cryptocurrency market whether it is to embark on an prolonged rally and goal for the subsequent main resistance degree at $742.
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