Crypto currency market is continuing to lose billions of dollars with each passing day as lack of fundamental support has resulted in slow but steady decline in value of all major crypto pairs. Meanwhile investors caution ahead of Ethereum network upgrade is also as they uncertain about functionality post hard fork has resulted in increased sell-off which could cost the currency its position as second largest currency by market capital once again. Post each sharp fall on profit booking activity there has been some level of consolidation but there is a clear staircase shape formation in hourly candle charts for BTC/USD and ETH/USD.

Lack of Fundamental Strength Results in Endless Declines

Bitcoin has lost more than 3% during today’s trading hours but recovered slightly from intra-day lows and as of writing this article, the BTCUSD pair is trading at $3583.7 down by 2.04% on the day. While Bitcoin has managed to stay above $3500 mark that does it make it safe as the pair continues to trade bordering critical support level a break below which could see the pair forced down to $3000 price levels. Buyers need to fight back and push the pair above $3800-$4000 level where the pair needs to show some level of sustained action for any semblance of hope among investors that the pair has managed to find bottom. Be it news driven momentum or fund flow from some huge investor, the market needs a bullish breakout trigger for Bitcoin to recover lost ground.

Amid lack of any data or news Bitcoin and other legacy crypto currencies are expected to continue declining in value. Meanwhile event driven price action drives Ethereum on bear’s path with fundamental support as investors are skeptical about Constantinople hard fork. Some brokerages have even disabled trading for short while for ETH denominated and linked assets until volatility and uncertainty from immediate impact on network upgrade on market quiets down. As of writing this article, ETHUSD is trading at $118.13 down by 5.60% on the day having breached all critical support levels above which bulls needed to sustain rally for positive market approach towards the asset.

This article was originally posted on FX Empire

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