The current crypto carnage comes as a surprise to many across the landscape. Instead of the end of the year rally as high has been the norm for the past few years, but cryptocurrencies have been caught in the middle of losses that threaten to/or have already erased year-long gains.
Bitcoin confluence levels
As for Bitcoin, the price is dancing at $6,631. Subtle bullish sentiments are growing across the market, however, the selling pressure is quite overwhelming. The Initial resistance is seen at $6,648 and functions as a converging point for indicators like the previous high 15-minutes, previous high 1-hour and the SMA ten 15-mins.
Litecoin (LTC), the sixth-largest digital asset with the current market capitalization of $2.3 billion, has been losing ground rapidly. LTC/USD has lost about 6.5% of its value in recent 24 hours to trade at $37.11 at the time of writing.
ETH/USD lost nearly 15% of its value in just two days. At the time of writing, the second-largest digital asset is changing hands at $121.50. During early Asian hours, ETH/USD tested $120.80, which is the lowest level since December 2018. Ethereum is one of the worst-performing altcoins out of top-10 as the breakthrough in the vital support area increased the bearish pressure. On a day-to-day basis, ETH/USD is down nearly 7%.
