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Cryptocurrency Universe Technical Analysis – Nvidia (NVDA) Unleashes A Sea-Of-Red

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Mid-yesterday afternoon, the entire cryptocurrency universe found itself under selling pressure with rumors that large blocks of Bitcoin (BTC) were being unloaded once again by the Mt. Gox custodian, which forced prices lower across the board, yet soon thereafter, prices started to stabilize.

However, after stabilizing throughout afternoon trade, a second wave of selling hit the entire cryptocurrency landscape when Nvidia (NVDA) announced their quarterly results after the 4PM bell and disclosed that while quarterly sales had topped expectations, it was also revealed that a greater portion of their demand for its powerful graphic processors (GPU) were derived from the cryptocurrency space (non news event in our view as such has been known for quite some time).

Nevertheless, it appears that what NVDA had to say next is more than likely what triggered the sharp selling pressure, which persists as we presently stroke the words on the keyboard.

The company (NVDA) stated, that while it generated $289M (excellent number) in sales to Miners during its quarter, CFO Colette Kress also noted that the company expects cryptocurrency related sales to fall 65% to roughly $100M in its next quarter, which lit the wick for yet the second wave of selling, which continues to act as a drag on the entire space.

Whether both (Mt. Gox suspicions or Nvidia news) events are worthy and or justifiable reasons/contributors for the resulting sea of red throughout the cryptocurrency universe, it appears nonetheless, that both investors/traders have responded via activation of the sell button as we can observe via the charts below:

As we can observe from the action in Bitcoin (BTC) above, BTC now finds itself flirting with important short-term support located at the 8650-8750 zone. This area of potential support will more than likely need to hold/sustain in order to corral any additional selling.

Looking at the chart of Ethereum (ETH) above, while ETH presently finds itself in a favorable technical posture – for now, we can also witness that ETH is finding its way back to its 200DMA (red line) located at roughly the 660 level where both investors/traders may want to monitor closely for signs of potential support.

The current selling pressure has taken its toll on IOTA (IOT) as we can observe above, whereby IOT was shaping-up and acting as a recent leader from a technical perspective and now finds itself violating its 200DMA (red line). Additional meaningful potential support resides in the 1.60-1.70 zone.

BitShares (BTS) has broken beneath its triangle pattern as well as its 200DMA (red line) as can be observed above and now finds itself flirting with critical potential support at the .238-.24 level and will need to hold in order to stem the tide.

Taking a glance at Litecoin (LTC), we can observe that LTC is now resting on its 50DMA (blue line) and testing its potential support zone in the 138-142 local. This level will need to hold or, LTC may just find the slope slippery down to its next potential level of support located at the 124 level.

Observing the chart above of Tron (TRX), we can see that TRX has violated its triangle pattern to the downside and as many of the previously noted names, it too also finds itself flirting with meaningful potential support located in the .062-.065 range.

Needless to say, the past eighteen hours have wrecked havoc throughout the entire cryptocurrency universe from both a price and technical perspective whereby, we now find many names and or technical levels at a critical juncture from a short-term perspective. Let’s see if a bid materializes throughout and puts a halt to the sea of red or if we’re to treated to additional pressure moving forward.

Happy Trading!!

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Marco Verch via Flickr

Chart courtesy of tradingview.com

Bitcoin

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

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Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.

Fundamentals

Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.

Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.

Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.

Last week on Thursday, cryptocurrency experts took notice of…

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Bitcoin

Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

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Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.

Economic Outlook

Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.

The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.

Additionally, the central bank indicated that three rate…

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Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

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Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.

Fundamentals

Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.

According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.

Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…

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