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Ripple Effect - After around 24 hours

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, Cryptocurrencies in general are going down. The movement downwards has been rather aggressive and quick. Bitcoin, Ether, Bitcoin Cash, Bitcoin Gold and Litecoin are all also going down. There is a current sell off at the moment, I would urge you to look at the charts to really appreciate this.

 

Even Cryptocurrencies like Stellar, IOTA, Cardano, etc. are all declining heavily. The current charts are not indicating any reason to go long at this moment in time (5:38 am) at the time of writing.

 

Some may argue that it is because of the announcement the Indian Government made recently, South Korea and China's recent statements or even the decision of certain banks to ban the purchase of Cryptocurrencies on credit cards as having an impact. I am not so sure. It may have contributed only slightly but this current 'bloodbath' in Cryptocurrencies may have happened regardless. Who knows.

 

For those who are currently in a short position then I would suggesting holding until the trend reverses and there is a clear signal / confirmation. Should anyone open a new short position? This is all dependant on your risk tolerance as if the trend does change then as many of us have witnessed it could shoot back up very quickly and aggressively on the way up. 

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