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Bitcoin Building a Base, Ripple Volume Surges in Korea

Bitcoin Building a Base, Ripple Volume Surges in Korea

2017-08-24 10:19:00
Nick Cawley, Strategist
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Talking Points

- Is Bitcoin building a base before a fresh attempt at $4,500?

- Ripple volume explodes in Korea over the last two days.

The DailyFX Bitcoin Glossary is designed to provide traders with a reference for important terms and concepts essential for understanding the emerging cryptocurrency universe.

Bitcoin (BTC) Eyes a New High after SegWit2x Implemented

Digital currency heavyweight Bitcoin is beginning to form a new base on the three hour and daily chart which could set it up for further highs. News flow has been light but reports that Segwit2x has officially been activated and is now live on the network would seem to be behind the latest push higher. A look at the three hour chart also shows the BTC climbing back above the 20-, 50- and 100-day ema, providing a further bullish impulse.

Chart: Bitcoin (BTC) Price: Daily/Three Hour Timeframes– August 24, 2017

Bitcoin Building a Base, Ripple Volume Surges in Korea

Chart by IG

Ripple Volume Surge Fuelled by Korean Interest

The latest altcoin to attract the markets attention, Ripple (XRP) has been sparked by a massive increase in turnover out of Korea. The local Korean exchanges, which offer Korean won trading pairs, have seen record volume in the last 48 hours driving the market back towards its all-time high around $0.33. A slight sell-off overnight has tempered the move but the altcoin remains over 60% higher than at the start of the week.

Bitcoin Building a Base, Ripple Volume Surges in Korea

Chart: Ripple (XRP) Price: Daily Timeframe (June – August 24, 2017)

Bitcoin Building a Base, Ripple Volume Surges in Korea

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--- Written by Nick Cawley, Analyst.

To contact Nick, email him at nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1

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

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