Volatility Is Back In Cryptocurrencies
The cryptocurrency markets are taking their cues from Bitcoin and $5000 ― BTC headed south and the rest soon followed.
Cryptocurrencies are back in vogue, attracting traders and posting wide daily ranges. The story of the week has been Bitcoin’s return to $5000 ― it now appears that the other coins are anxious to get in on the action.
The past 24-hours on cryptocurrency exchanges have continued the early-April trend of robust price action. Here is a quick look at the daily performance of the leading coins:
Coin Gain/Loss Key Number
Bitcoin (BTC) -2.94% $5000
Bitcoin Cash (BCH) -12.48% $300
Ethereum (ETH) -9.22% $150
Litecoin (LTC) -10.24% $85
Ripple (XRP) -8.09% $0.3350
The table above illustrates the current degree of correlation between the leading cryptos. All of these markets are taking their cues from Bitcoin and $5000 ― BTC headed south and the rest soon followed.
Bitcoin Falls Below $5000, Cryptocurrencies Sell-Off
Following a Spike High above $5300, April Bitcoin futures have fallen back below the $5000 handle. Price action is very similar on the cash markets, with BTC holding firm around $4950.
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Here are the key levels to watch in this market:
- Resistance(1): Spike High, $5325
- Support(1): 38% Retracement, $4760
Bottom Line: Until proven otherwise, the daily uptrend in Bitcoin must be respected. Until elected, I will be buying BTC on the cash markets at $4765. With an initial stop at $4689, this trade is worth $75 per BTC on a slightly sub-1:1 risk vs reward management plan.
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