FxWirePro: Crypto market slumps after prolonged rangebound trade, breach of key technical levels could trigger further declines

Bearish sentiments seem to have caught up with the traders in the Cryptomarket. All all major crypto coins deep in red today after a prolonged period of rangebound trade.

There is no fundamental backing that we could associate with the sudden crash. However, experts believe, that SEC's decision on crypto ETF could play a crucial role in defining further direction of the market momentum.

Technically the major trend in the markets has largely been bearish with no major signs of reversal. The major coins have broken several strong supports and breach of key technical levels could trigger further declines.

BTC/USD: 
Spot - 6218
% Change - -4.68%    
Trend - Bearish
Volatility - Flat
Major Support - 6015 
Major Resistance - 6618 

ETH/USD: 
Spot - 202.07
% Change - -9.62%    
Trend - Bearish
Volatility - Expanding
Major Support - 167 
Major Resistance - 224 

XRP/USD: 
Spot - 0.418521
% Change - -8.89%
Trend - Bearish
Volatility - Expanding
Major Support - 0.2272
Major Resistance - 0.4942

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.