[2018-07-11] Crypto meltdown: Bitcoin, Ethereum, Ripple... crash lower

[ruthbabe]

Unfortunately for traders, the crypto market has just had its worst 24 hours of trade this month and heavy declines are being seen across the board. In fact, only two coins inside the top 100 have managed to post gains during the period, leading to the entire value of the market dropping significantly. At the time of writing the entire market is worth US$254.5 billion according to Coin Market Cap, down almost 6.5% since this time yesterday. There doesn’t appear to be a catalyst for the decline, which could mean that traders are taking profit after a solid run over…

More here, https://www.fool.com.au/2018/07/11/crypto-meltdown-bitcoin-ethereum-ripple-bitcoin-cash-eos-litecoin-and-stellar-crash-lower/

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[Harlot]

Like what I said before corrections like this one are bound to happen, what do you expect? That BTC goes straight up back above 7,000$. If that happens we might see a even bigger drop as climbing back up at that rate will quickly drain down market confidence as well trigger a lot if profit takers to sell. We are fortunate that a correctipn happened this soon rather than later. These kinds of news reports being shown is really discouraging a lot of traders as there is no positive thing to see.

[ruthbabe]

I have an impression this news report is some sort of negative news. Or, maybe, a paid news, and there were people behind it purposely designed to create FUD among traders and investors, that's what I guess.

[darkangel11]

It's normal market action. We could see the price struggle to break the resistance at 6800 and it actually hit it 3 times before falling. We are still in an inverted head and shoulders pattern, which is bullish, so I think we'll have another attempt at breaking that resistance. If we do we will turn full bullish, if we don't we might fall again to lower lows.
All this doesn't matter, it's just a short term prediction that will look like nothing later on, when you watch whole BTC chart with a 1 day interval.

[felixesteban]

6800 resistance point was about to break but at that moment hacking incident happened in Israel, and of course it pushed prices down immediately. It's always been the same scenario for months. Either mtgox is taking on stage or theft issue. If we do not see such negative developments, I'm sure the market will recover itself very quickly.