Big selloff in all cryptos today... Only ONE crpyto out of the top 100 in market cap is green today: TETHER. Tether doesn't even count as it tracks the USD. Some have speculated that this selloff is due to the Chinese selling off as their lunar year is coming to an end. We'll find out soon enough as Chinese New Year is right around the corner, falling on February 16th this year. Historically since 2015, BTC's yearly low occurred in mid-January, FWIW.
Bitcoin has broken down from the triangle consolidation with increased volume. That's a little alarming whereas if you look at most altcoins the volume of this selloff is relatively low.
The triangle consolidation support was around $12,600 and the next trend line support is sub-$10,000 at $9,500. If we continue lower, BTC could drag down the entire crypto market down with it. In situations like these, there's no reason to panic sell here. You never want to capitulate at the bottom, trust me, been there - done that and it's not a good feeling. HODL strong and if anything bulk up on some underweight positions.
BTS sliced through the PATHWR levels I was watching. Broke down below the lower level of $0.39 and is currently trading around $0.35.
The volume on this break down is relatively low for BTS, so I would expect a snapback rally back into the PATHWR range of $0.39 - 0.51. I'm looking to add to my position in BTS today or tomorrow.
Similarly, STEEM sliced through PATHWR #2 like butter:
Price action touched trend line support, but if that doesn't hold PATHWR #1 is the next level of support in the $2.60-2.80 range. I'm debating whether or not to add to my position here, but I think I'll wait a day to see what happens.
Disclaimer: This post is not meant to be a recommendation to buy or sell any financial instrument. Do not invest money you cannot afford to lose. Always do your own research.
