All of the major crypto currencies crashed last week offering sellers some of the best trading opportunities available the markets.
From a technical perspective all the major crypto currencies are in downward trends including Bitcoin, Litecoin, Ethereum and Ripple as a general crypto sell off continues across the board. Most traders have been waiting patiently for a good sell entry point which happened for them last week.
The crypto markets are getting spooked by exchanges getting hacked, fear of regulation or outright bans in certain countries. As a crypto trader it is important to be tuned in to any news around these specific news topics.
Our trade of the week is Ethereum which dropped by 18.9% last week. You can see from the chart above that this crypto currency has been falling since January this year when it hit a peak of $1,372.
From a technical perspective we can see the price reacted to an upper daily trend line as it started its decent last week. The drop stopped at a major lower trend line and support zone where we hit a low of $637. CM Trading has recently introduced crypto currency trading to its platform giving you the opportunity to profit from one of the hottest markets right now.
Click below to find out more:
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