The Crypto world falls again with Bitcoin, Ethereum down 6%

The Crypto world falls again with Bitcoin, Ethereum down 6%

Bitcoin, Ethereum and Ripple fell on Monday as investors started December with a renewed selling appetite. Last week bounce seems to be caused by profit taking and rebalancing just before closing a negative November.

Rebalancing and profit taking occurs when a trader closes a profitable position ahead of a critical date such as a week, a month, a quarter or a year, just to have that gains into the books. That move causes a contrarian movement in the price action.

Bitcoin resumes its decline on Monday

The crypto king lost $269 in value per unit from $4,102.80 to close 6.56% down on Monday at $3,833.47. BTC/USD remains above the $3,500 level, but the odds are for more declines as far as the unit remains below the $4,424.00.

Technically, BTC/USD is negative as moving averages are pointing to the south while technical studies are below its midlines. Bitcoin is touching overbought territory. The pair needs to defend the $3,500 area to have some hope for a recovery. Otherwise, the next frontier would be the $3,000 area.

Ethereum down 6%, but the range resists

Ethereum lost 6.58% on Monday after opening the day at $114.12, and it closed at $107.21. The pair logged a nearly positive week in the previous period, but Monday has been a shower of reality for the crypto enthusiast.

ETH/USD has been trading in a range between $100.00 and 125.00 since November 23. After closing Monday with losses, it is now trading around 106.70, 0.49% down on the day. Below the $100 fundamental level, watch out for the $98.00 and the $80.00 levels as supports.

Ripple remains neutral, but the picture is turning negative

Ripple traded negative on Monday as the pair lost the $0.3500 level before finishing 5.80% down on the day from its opening price of $0.3640 to its closing valuation of 0.3428 per unit.

Technical conditions for the unit are adverse with moving averages pointing to the south and studies below their midlines. Sellers are in control of XRP/USD, and next supports can be identified at 0.3250 and 0.3130.

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