Friday Sell Offs Test Support With Lower Lows Incoming

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Friday Sell Offs Test Support With Lower Lows Incoming

By Tom Whitbread
April 11th, 2019

BTC dominance has risen slightly to 52.15% while $20bln left the markets over the past two days, setting prices back around 7% on the major pairs as order books fill with sell orders.

  • Price action is testing support and could see lower lows as the weekend progresses of around -10% or more
  • One to watch: EOS have announced a new update to their smart contracts
  • Bitcoin Cash, XRP, LTC all down -10%

$5400 rejected, will price hold around the current fib level or drop down further?

Data: Poloniex.com / investing.com

So far the pullback played out to $4990 and could drop further during the weekend as traders take profit before the next move. Order books have swung overly short during the last red candles, and are seeing buy orders around $4780

While Alt coin markets are mostly red today, there is still an unbroken bull trend in Lambda (LAMB) trading up +18% whilst Crypto.com Chain (CRO) is also up +15%

Out of the big cap coins, Bitcoin Cash, Litecoin and XRP are amongst some of the most battered, both now trading down -10%, with the biggest looser in the top 100 today being Huobi token down 17%.

 


Looking at Bitcoin on the weekly is still very interesting and we will see next week if the extension will continue further.

For the near term. support has been forming at the current levels - although as the day progresses we will see the real impact of how European and American traders want to play it as the weekend begins.

EOS Releases Contract Update

Read the official announcement 

EOS has released two new features designed to increase security and prevent fraudulent apps from making phishing or bait and switch attacks, the update increases transparency in how the contract data is signed in a format similar to JSON that enables developers to richly format their Ricardian Contracts to give better understanding for their users. 

To give a clearer understanding, think of the new updates to contracts like HTML and the toolkit as a browser that can render documents that follow the specification correctly.

Developers can check the template development toolkit for more information.