Bitcoin is breaking down in a crypto rout

Technical Analysis

Author: Adam Button | bitcoin

Bitcoin crumbles along with the rest of crypto

Bitcoin crumbles along with the rest of crypto
It's turned into a brutal day for crypto currencies.

Bitcoin has broken below major support and is now 11% lower. That's coupled with sharp falls across the space including 19% in Ethereum and 14% in XRP. Earlier, we reported on the 30% fall in Kin due to the shutdown of Kik.

The chart in Bitcoin tells the story as it breaks down below the recent base in the $9000-$9100 range. That could target a fall as deep as the 200-day moving average at $6950.

Interestingly, the move is contrasting with gold. Both have moved in tandem recently but gold has rebounded higher today while Bitcoin crumbles.

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