Bitcoin trades 12% lower today, some coins drop over 20%!
Carnage can be spotted on the cryptocurrency market today. Bitcoin slumping for the second day in a row and in spite of recovering part of losses, still trades around 12% lower today. Bitcoin is trading over 20% off a recent all-time high. A correction from the beginning of January saw price drop as much as 30%. A key level to watch can be found at $45,000, where the lower limit of the Overbalance structure can be found. Breaking below this level may herald a drop towards the previous local high in the $41,500 area.
Bitcoin drops around 12% today. The key support to watch can be found at the $45,000 mark. Source: xStation5
Other cryptocurrencies are also plunging today. Declines in some cases exceed 20%. Source: xStation5
Investors can use CFD contracts on cryptocurrencies to take long positions (if they expect price to rise) or short positions (if they expect price to fall).