Following A Historically Sober October For Crypto, November Starts Off With A Brutal Blood Bath

The previously held support levels of $6,000 for Bitcoin was breached at the beginning of this month and now the top cryptocurrency is already in 2018 low. We have gone 40% below 2017 level, which by itself should be alarming. The traditional support level of $4,500 has also been crossed.

It shows how investors aren't ready to invest in thee cryptos till the political scene improves. Mainstream media has a role to play in this too. Bloomberg predicts that bitcoin will keep on plummeting till its value reaches $1,500.

The BTC/USD rate is pushing down inside a declining wedge. A break below the 100-period simple moving average is now pushing the pair towards its next potential support level at 4634-fiat. This level has proven strong during the consolidation action from August 2017 to September 2017. Notwithstanding, if broken, it would switch to being an equally strong resistance level on the next potential bounce back, presumably from the $3,500-3,580 range.

Bitcoin certainly is not alone. Almost all the cryptocurrencies are taking a heavy beating. In fact, most of the top Altcoins have lost value when compared to Bitcoin, except XRP and Stellar who gained 22% and 8% respectively. BCH obviously had the worst performance losing 40% just today.

XRP is the only crypto that seems to have gained from this bloodbath. Not only did it surpass Ethereum to become the biggest Altcoin, but the chasm between them is also upward of $5billion now.

Although we have to remember that these trends that we are seeing in 2018 are similar to something 2013. Then, the prices of bitcoin had reached an all-time high of $1,163 and fell back below $160. The most dramatic story back then was Litecoin which had reached $50 only to fall back to $1.

Most traders and investors are waiting for the markets to bottom out, but in these times of despair, it does look like we are in a bottomless pit.

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