We predicted yesterday that this was a 'Bull Trap' setup with the potential to turn around quickly. The amateur investors caught buying this breakout are in a world of pain with that pain soon to turn to irrational panic selling. The prices continue to push lower and we expect to see new lows in the coming week. For those smart investors, they already cashed out their coins into USDT (Tether USD) to conserve their trading capital and sit on the sidelines.
News:
Hedge Funds Waiting For $1 Trillion Crypto Market Cap Before Investing:
https://www.zerohedge.com/news/2018-01-21/one-reason-why-crypto-crash-temporary
Bill To Hold South Korean Officials Accountable For Crypto Investments:
https://news.bitcoin.com/bill-introduced-south-korean-officials-declare-cryptocurrency-investments/
As we mentioned yesterday it was make or break for Wave iv and it passed the test remarkably. It touched the price point of Wave i and immediately sold off. There should be continued selling as those that went all in at that c wave break out are feeling a world of pain.
Here we see the trendline getting tagged and then dropping on the 30min chart.
Ethereum is getting dragged down with Bitcoin although this decline should be shorter lived than Bitcoin.
XRP notably did not create a 'Buy Trigger' like the others and can see it just slowly unwinding its gains.