It’s Invest Diva’s Kiana with News BTC and here is your cryptocurrency update. The top 20 largest cryptocurrencies by market cap erased some or all of Saturday’s gains on Sunday. Ethereum has been unable to break above the key resistance and 23% Fibonacci retracement level of $1,148, and has been supported at approximately $1000. The Fibonacci and technical patterns have been similar for Bitcoin and Litecoin, while Ripple’s pattern has been slightly different. This comes after Wall Street veteran Peter Boockvar predicted an epic 90% crash will hit the cryptocurrency market on CNBC. We normally take the IDDA approach when analyzing assets, which means we look at the technicals as well as the fundamentals and market sentiment before creating an investment strategy based on our risk tolerance. Unfortunately, when it comes to cryptocurrencies, there are no fundamentals to talk about, other than a website with a message that promises to make capitalism better. That is why the market noise and personal predictions on major news channels have a much bigger impact on the crypto-market than any other market. This, along-side with the manipulations by big players have created and ultra volatile price action, which in turn demands a more precise risk management from investors. Thanks for watching, invest responsibly, and I’ll see you with more updates tomorrow.
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