Most currencies are heavily oversold.
As the first of a daily update on the crypto market, it seems the key sticking point is a massive sell-off of most major cryptos today. With a general level of uncertainty and oversold positions, today is not the best day to trade and keeping a close watch on movements is advised.
Bitcoin RSI points a heavily oversold position, meaning there might be a bounce back as the price and conditions trends towards its earlier days. Realistically we’re seeing Bitcoin being sold off at an all-time low, though this position leaves it in a peculiar position. Although it has recovered from such positions many years back, there seems to be a lingering sentiment that creates an unstable outcome.
*Update: 17:00 GMT+2* : as the RSI comes round full circle to a 80+, there seems to be hope that the correction is coming to a close and that a retrace will begin. Still watching with a keen eye as there might be the start of an upswing.
BTC prospect: Heavily oversold with a negative RSI. Caution is advised. Possible to take a small long-term position for a possible upward swing
Ethereum, Ripple, Litecoin and Alt Coins in General
ETH, XRP and LTE have all taken a beating today with heavy losses ranging from 5 to 15% across exchanges. There have been calls of a bloodbath, a loss in belief or simply panic sells. The effect of Bitcoin Cash Hard fork has rippled across all alt coins and moderation is advised.
Alt Coin Prospects: There is still a backlash going to happen due to BCH hard fork and therefore no new positions should be opened at this time unless a very big risk appetite is acceptable. Trades today could go either way, though I would expect a recovery by ETH to retake its position as 2nd highest market cap when the dust settles.
What happened to TRON?
TRON lost close to 12% of its value and could see an upswing as it re adjusts to the current Bearish Market. I am holding a small position to test the market and will keep my finger crossed. Expect more up and downs over the next 24 hours.
Negatives and Reds all around
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