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Cryptocurrency Technical Analysis - Bitcoin, Ripple, Litecoin

Cryptocurrency Technical Analysis - Bitcoin, Ripple, Litecoin

2018-04-04 15:30:00
Nick Cawley, Strategist

Bitcoin (BTC), Ripple (XRP), Litecoin (LTC) News and Analysis

- The cryptocurrency market has lost nearly 70% in value since the start of 2018.

- A lack of news, good or bad, makes trading decisions harder.

- Major tokens showing neutral to bearish signals.

Access the IG Client Sentiment Indicator for free, updated data on client sentiment and learn what it means for the cryptocurrency market.

Cryptocurrency Market Remains Negative

The latest relief rally, this time from the weekend sell-off, has ground to a halt as sellers take the upper hand and push the market back down again. Repeat patterns on the charts of the top handful of tokens show that any rally after the sell-off began has provided traders with an opportunity to sell, and this seems likely to carry on in the short-term. And this sell-off is happening with little fundamental news or noise around with reduced market activity mirrored by a quiet news space. On the downside, current Bitcoin support levels are situated at $6410, $5930 and $5625 if the market turns lower again.

The latest IG client sentiment indicator continues to show that retail traders are still heavily long cryptocurrencies with the worry that the exit door may not be wide enough for everyone if the market turns sharply lower.

Bitcoin Price Chart in US Dollars (October 1, 2017 – April 4, 2018)

Cryptocurrency Technical Analysis - Bitcoin, Ripple, Litecoin

Cryptocurrency Trader Resources – Free Practice Trading Accounts, Guides, Sentiment Indicators and Webinars

If you are interested in trading Bitcoin, Bitcoin Cash or Ethereum, Litecoin or Ripple we can help. Download our Introduction to Bitcoin Trading Guide along with a Free Practice Account to help you on your trading journey.

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.cawley@ig.com or via Twitter @nickcawley1.

--- Written by Nick Cawley, Analyst.

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

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