- Litecoin and Ripple are testing important support levels.
- Bitcoin’s chart looks slightly more positive but volatility will remain low.
In periods of quiet trade/low volatility traders should read/re-read the Traits of Successful Traders guide to make sure they stick to market ‘best practice’.
Cryptocurrency Market Remains Soft but Bitcoin May Push Higher.
We looked at half-a-dozen cryptocurrencies during the webinar and came to the conclusion that the path of least resistance in most of the coins was lower, aside from Bitcoin. Litecoin (LTC) and Ripple (XRP) are both stuck in a downtrend with important support levels close by. Litecoin’s price has fallen after the news earlier in the week that the LitePay credit card launch had been cancelled, while Ripple has also been stuck in the middle of an important trading zone for the last week and may well break sharply lower.
The latest Bitcoin (BTC) chart on the other hand has a more positive set-up, trading above the recent downtrend line, although further confirmation is required to support the next move higher.
Bitcoin Price Chart Daily Time Frame (September 2017 – February 28, 2018)
Tether Turnover Raises Eyebrows
While turnover in the last 24-hours was relatively subdued, hefty trade in Tether (USDT) was noticeable against other currencies, especially Bitcoin. Tether has been in the headlines recently after its accountant dropped them at the end of last year while the CFTC sent the company, and exchange Bitfinex, subpoenas.
Cryptocurrency Trader Resources – Free Practice Trading Accounts, Guides, Sentiment Indicators and Webinars
If you are interested in trading Bitcoin, Bitcoin Cash or Ethereum we can offer you a wide range of free resources to help you. We have an Introduction to Bitcoin Trading Guide along with a Free Practice Account. In addition we have an IG Bitcoin Sentiment Indicator to help you gauge the market and make more informed trading decisions.
What’s your opinion on the cryptocurrency market at the moment? Share your thoughts with us using the comments section at the end of the article or you can contact the author via email at Nicholas.firstname.lastname@example.org or via Twitter @nickcawley1.
--- Written by Nick Cawley, Analyst.