No changes on cryptocurrency market - Ethereum and Bitcoin are under pressure

Over the last trading session of the outgoing week, the general mood in the cryptocurrency markets continues to be strongly negative. The main cryptocurrencies (Bitcoin and Ethereum) are traded near local minimum, on lower trading activity and amid sharply reduced volume of market capitalization. Yesterday another negative news came for the market. It became known that the Reserve Bank of India (RBI) issued a notice and banned all regulated system organizations from interacting with any person or business engaged in virtual currencies such as Bitcoin. Market sentiment still has a pronounced bearish mood, and although the weekly candles of the outgoing five-day period are not as massive as the previous week ones, if the sellers activate the downward momentum, we may be witnessing large losses and new minimum levels.

Bitcoin

The price of Bitcoins continued to decline after the round-level breakout in the region of $ 7,000, the price further moved through the reference level around $ 6,800 and at the start of US trading, the global currency loses more than 3 percent by trading at the $ 6,571 level.

Direct support is expected about $ 6,500 US dollars, and then the key support - 6200 US dollars. If the price can not remain above the support of $ 6,200, it can test an important support at $ 6,000. To start the recovery, the price should be fixed above $ 6 800 and take a barrier of $ 7,000 US dollars.

Ethereum

Now Ethereum is trading well below the $ 400 level. Looks like ETH/USD is even difficult to maintain critical support at $ 350. If sellers succeed in breaking support at $ 350, the pair can move lower to the round mark at $ 300 zone lower. On the other hand, the initial resistance is at $ 380 USD, followed by a round level of $ 400 USD.

FortFS