Bitcoin (BTC), Ripple (XRP), Ether (ETH) News and Analysis
- Consolidation is good but market confidence is still needed
- Sentiment indicators can help traders gain market color.
We recently released A Guide to Day Trading Bitcoin & Other Cryptocurrencies to help traders navigate this volatile marketplace.
Cryptocurrency Markets Remain Edgy in the Short-Term
The recent run of heavy-losses in the cryptocurrency space has been stemmed for now with the major tokens trading in a tight sideways range. The down channels seen on both the Bitcoin and Ether charts are still being respected but if consolidation continues, and trader’s confidence builds, prices may look to move higher in the short-term. On the other hand, this quiet period may well be the platform for another sell-off, which may put highlighted support levels under pressure.
IG Client Positioning Indicators are another valuable tool available for traders to help them gauge market sentiment and flow. While cryptocurrency market positioning remains overwhelmingly long, any changes can help traders see retail ebb and flow, giving them more market color.
Bitcoin Price Chart in US Dollars (October 1, 2017 – March 28, 2018)
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.