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Cryptocurrency: Bitcoin Charts Show Conflicting Signals; Ethereum Falls

Cryptocurrency: Bitcoin Charts Show Conflicting Signals; Ethereum Falls

Nick Cawley, Senior Strategist


- Bitcoin stuck in a rut.

- Ethereum weekly losses exceed 20%

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After a tough week in the cryptocurrency space with all major digital currencies registering a negative performance, market heavyweight BTC has stabilized and may be looking to re-coup some of its losses.

A look at the daily chart shows a potential bullish pennant formation, although the lower-high/higher-low pattern normally seen is not quite so distinct.

Chart: Bitcoin Daily Timeframe (February - July 14, 2017)

Chart by IG

The four-hour chart however signals a potential for BTC to move even lower as the recent downturn has seen the currency move below its 20-, 50- and 100-day exponential moving averages (ema). The break lower was confirmed on July 9 with a bearish crossover with the 20- and 50-day ema below the 100-day ema. The momentum indicator also has moved from positive to neutral.

Chart: Bitcoin Four-Hour Timeframe (June 26 – July 14, 2017)

The second-largest digital currency Ethereum (ETH) has also suffered heavy losses this week, falling by around 20%. With most explanations of this week’s fall based on personal opinion rather than market specifics or technical releases, ETC may be in for a continued rough ride in the weeks ahead.

Chart: Ethereum Five Day Chart (July 10-14, 2017)

Chart by TradingView.

Market Moves/Capitalizations – July 14, 2017.

CryptocurrencyPrice/Change%Market Cap
BITCOIN$2360 -1.24%$38.820bn
ETHEREUM$206.1 -4.10%$19.22bn
RIPPLE$0.197 -2.84%$7.558bn
LITECOIN$46.18 -1.14%$2.400bn
ETHEREUM CLASSIC$18.48 +0.36%$1.728bn

If you are interested in trading, please check out next week’s free webinars where our analysts discuss a wide range of technical analysis, charts, trade set-ups and sentiment across a range of assets.

--- Written by Nick Cawley, Analyst

To contact Nick, email him at

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.