Bitcoin Falls Out Of Bed, $5500 In View

Today’s trade of Bitcoin (BTC) has been overwhelmingly negative. In fact, at one point November BTC futures fell roughly $750 for the session. Heavy selling has swept across the cryptocurrencies in the past 24 hours, driving values much lower. For BTC, price has pushed yearly lows to levels not seen since November of 2017.

A Rough 24 Hours For The Cryptos

To put it mildly, the last 24 hours have been brutal for crypto longs. Take a look that the performance metrics for this period:

Coin                           %Loss     Key Number

Bitcoin (BTC)                -9.5%        $5500

Bitcoin Cash (BCH)    -14.25%      $450

Ethereum (ETH)         -12.75%      $175

Litecoin (LTC)             -11.08%       $44

Short sellers have blasted cryptocurrencies, with BTC actually weathering the storm better than most. One thing is for certain ― all eyes are on BTC and the $5000 level. This is a huge psychological barrier and one that will attract many buyers. If price breaks through $5000 with little resistance, then BTC may be heading much lower by New Year’s Day 2019.

November Bitcoin Futures

After posting a hard test of $5500 earlier today, November BTC futures have rallied off of session lows. Will the big, round number of $5500 set up as an intermediate-term bottom?

Overview: After consolidating in the $6000-$6500 area for weeks, BTC broke hard to the bear running to $5500-$5000. The reason for the move is unclear, but multiple media outlets are crediting the coming November 15 hard fork of Bitcoin Cash as a possible culprit.

Whether or not this is accurate remains to be seen. However, the entire crypto markets have lost about $15 billion in market capitalization over the last 24 hours. No matter how you slice it, that does not bode well for BTC or the leading altcoins.

ABOUT THE AUTHOR See More

Shain Vernier

US Analyst

Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.

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