Hello and welcome to News BTC’s Market Outlook September 5.
DASH fell apart over the weekend and going into Monday, as China has announced a ban on ICOs. This is caused a ripple effect throughout the crypto currency world, and crypto currencies are getting absolutely pounded. At the close on Friday, the markets were looking very healthy. However, we have lost 25% since then, and there doesn’t seem to be an end to the selling. Waiting for some type of stability for at least 24 hours is the only play I see here.
Litecoin fell as well, as we pulled back from the $92.50 level to trade near $65 as I record this. It’s been a 15% loss on Monday alone, and it looks as if we are going to continue to see selling. There is a bit of support at $62.50, but let that area prove itself as support for at least 24 hours before buying. Currently, I don’t have much faith in it happening.
Thanks for watching, I’ll be back tomorrow.