Bitcoin hits the breaks and skids lower

The leading cryptocurrencies are dropping back this afternoon. The move lower in both BTC and Ether comes as they really failed to make any traction throughout the European morning and gradually that price action was weighed on them and delivered a downside move that has extended further in recent trade. Bitcoin has fallen to as low as 46,254 a few moments ago as Ether slips close to 3200. The price action suggests there is some stop hunting looking to force weekend longs out of the game. The low seen over that period was set at 45,534. The That low was also just ahead of the important 200 day moving that remained intact too. That is currently in place at 45,422. Naturally, a further drop to test these two levels cannot be ruled out this afternoon. Bitcoin is just now trading at 46,315