The weekend rout in Cryptocurrencies was not hard to spot

Following on the previous two updates on the weekend moves in both Bitcoin and Ether, the reason for the sudden very steep falls looks linked to a combination of things. Firstly, it has to be remembered that both coins are highly speculative risk assets when all is said and done. Secondly, the move lower in both late on Friday was setting up a downside weekend extension anyway. Bitcoin had already taken out its 100 day moving average (now at 54,506) on Friday evening and surely tripped stops in the process. Indeed, the same was also likely, when it then slumped below its 200 day moving average (now at 46,260) on Saturday morning. Ether did something similar on Saturday too, when it also took its 100 day moving average (now at 3,859), but it has yet to threaten the 200 day which is in place right now at 3,171. The move higher in US bonds on Friday was a good indicator of the huge amount of money running for cover from all directions and seeking safety ahead of the weekend. The 10 Year note yield fell to as low as 1.34% right on the close on Friday evening. That rush for havens surely left both leading coins extremely vulnerable coming into the weekend