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Home / Business / Bitcoin and XRP sell off as LTC and XLM continue to rise – a troublesome sign ahead?

Bitcoin and XRP sell off as LTC and XLM continue to rise – a troublesome sign ahead?




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A meeting of major cryptocurrencies that started a few weeks ago Bitcoin and XRP sell, while LTC and XLM continue to build on the gains they made before the week.

As of Saturday night, Bitcoin had lost 5.75% over the past seven days, and XRP 5, 77%, while LTC achieved 4.95% and XLM 2.56%.

The broader market also sold, with 39 of the top 1

00 cryptocurrencies and 61 falling, a major reversal from last week when 78 of the The 100 best cryptocurrencies advanced and 22. went down.

A reversal in the pre-decline ratio in is a sign that the recent rally is in trouble, with money rotating from one cryptocurrency to another, leaving the market completely.

Nicholas Pelecanos, counselor for & nbsp; NEM Ventures, looks at the $ 8,700 mark for Bitcoin. "BTC has just been rejected & nbsp; from the top of its range," he says. "If sales slow down and the price reverses around the $ 8,700 mark, there is a chance that a bull flag could shape and propel BTC back to $ 10,000 – a breach of Ichimoku cloud resistance would help confirm this trade."

What & nbsp; if sales continue? "BTC could go to the bottom of its downtrend, a -20% move from today's price that will form a new low," Pelecanos says. "This would be very bearish for BTC and we could see one below $ 7,000 BTC by December. "

Meanwhile, cryptocurrency traders need to be prepared for the rising market volatility associated with the fall Thanksgiving season. It is a time when Americans get together with friends and family, enjoy a good meal and talk about current events, including hot investments. & Nbsp;

It adds to the hype of these investments as their price movements & nbsp; more reflect & nbsp; fluctuates in investor sentiment rather than changes in basic conditions. & nbsp;

That might explain why the fall Thanksgiving season has been a time of wild swings in speculative assets, discussed in a previous piece here . & nbsp; & nbsp;

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A rally in major cryptocurrencies that began a couple of weeks ago shows gns to break, Bitcoin and XRP sell, while LTC and XLM continue to build on the profits they made before the week.

As of Saturday night, Bitcoin had lost 5.75% over the past seven days and XRP 5.77%, while LTC had gained 4.95% and XLM 2.56%.

The broader market also sold, with 39 of the top 100 cryptocurrencies advancing and 61 There is a big reversal from last week when 78 of the 100 best cryptocurrencies advanced and 22 went down.

A rever Pre-decline slowdown is a sign that the recent upturn is in trouble, with money rotating from one cryptocurrency to another, leaving the market completely.

Nicholas Pelecanos, advisor to NEM Ventures, looks at the $ 8,700 mark for Bitcoin. "BTC has just been rejected from the top of its range," he says. "If sales slow down and the price spins around the $ 8,700 mark, there is a chance that a bull flag could form and push the BTC back to $ 10,000 – a breach of the Ichimoku sky resistance would help confirm this trade." 19659006] What if sales continue? "BTC may be heading towards the bottom of its decline, a -20% move from today's price that will form a new low," Pelecanos says. "This would be very bearish for BTC and we could see below $ 7,000 BTC by December. "

Meanwhile, cryptocurrency traders need to be prepared for the rising market volatility associated with the fall Thanksgiving season. It is a time when Americans get together with friends and family, enjoy a good meal and talk about current events, including hot investments.

It raises the hype for these investments, as their price movements reflect more fluctuations in investor sentiment rather than changes in fundamentals.

That might explain why the fall Thanksgiving season has been a time of wild swings in speculative assets, as discussed in a previous piece here.

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