Bitcoin, Ripple, Ether, Litecoin - News and Talking Points
- Bitcoin looks positive for the week ahead
- Ether, Ripple and Litecoin all testing important support levels.
Bitcoin (BTC) Price Chart Looks Positive
Looking ahead, the updated BTC chart is showing signs of a further move higher as the digital token continues to trade and close above the recent downtrend with the chart also showing five ‘higher highs’ in a row (just at time of writing). Downside protection should kick-in at the bottom of Zone Two on the chart at $10,716, although a break below does see the top of Zone One at $9,900 come into view. A break above the 61.8% Fibonacci retracement at $10,971 leaves $11,650 the next target. The stochastic indicator has also turned higher, underpinning the current move higher.
We discuss a range of cryptocurrency charts and price set-ups at our Weekly Cryptocurrency Webinar every Wednesday at 12:00 GMT.
Bitcoin (BTC) Price Chart in US Dollars(September 24, 2017 – March 2, 2018)
Ripple (XRP) Price Chart Showing Little Sign of Life
In contrast to the momentum seen in other cryptocurrencies, the price of XRP has barely moved over the last nine trading sessions highlighting investor exhaustion and uncertainty. The main worry is that with XRP stuck in and just above an important support zone between $0.85 and $0.92, any moderate selling could force the price back down to the next level of weak support around $0.57, a sharp 30%+ loss. Lower highs are also being made, although the trading ranges currently are very tight, while the stochastic indicator is seemingly unwilling to budge from oversold territory.
DailyFX analyst Paul Robinson looked at Ripple and Ethereum earlier and came away with a negative outlook on the pair.
Ripple (XRP) Price Chart in US Dollars (September 24, 2017 - March 2, 2018)
Ethereum (ETH) Price Chart Sitting on Support
The second-largest cryptocurrency by market capitalization is currently supported by a strong technical indicator – the 50% Fibonacci retracement at $853 – but has broken below the recent uptrend line, throwing up a potentially bearish signal. Ethereum’s trading range has also narrowed which may suggest a sharp breakout from its current level with the first level of support seen at $717. Any upside move should be constrained by the falling trend line from the January 13 all-time high.
Ethereum Price Chart in US Dollars (September 24, 2017 – March 2, 2018)
Litecoin (LTC) Price Chart Dominated by Lower Highs
The recent sell-off in LTC, sparked by the LitePay credit card launch postponement, has set in motion five ‘lower highs’ in a row, suggesting further losses ahead. The token is also just under the 50% Fibonacci retracement at $211 and may look to retrace most of the February 14 bullish candle back to technical support at $173. A break and close above the $211 level, may offer some respite and become support but short-term upside is difficult to justify at the moment.
Litecoin Price Chart in US Dollars (September 24, 2017 – March 2, 2018)
Essential Cryptocurrency Trader Resources
If you are interested in trading Bitcoin, Ripple, Ether or Litecoin check out our Introduction to Bitcoin Trading Guide.
--- Written by Nick Cawley, Analyst.
To contact Nick, email him at nicholas.cawley@ig.com
Follow Nick on Twitter @nickcawley1
