Bitcoin & Ripple – European Wrap – 8 November

Bitcoin is declining rapidly. At the time of writing, the first digital coin is trading close to critical $9,000, down 2% since the beginning of the day. The downside momentum has been gaining traction after the price broke below critical SMA200 (Simple Moving Average) on a daily chart. The psychological $9,000 is under threat now. Once it is out of the way, the sell-off may be extended towards SMA50 daily ($8,600) and to $8,400. This barrier served as strong resistance for the most part of October. 

Ripple’s XRP price is not doing well despite the reports that XRP cross-borders transfers in selected regions such Mexico and the Philippines are surging. The prevailing trend is extremely bearish. The declines could be connected to the formation of a double-top pattern following a second failed attempt to push gains above $0.31.