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Cryptocurrencies - The Bears are Growling | Webinar

Cryptocurrencies - The Bears are Growling | Webinar

2018-05-23 12:03:00
Nick Cawley, Strategist
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Cryptocurrency News and Talking Points

- $50 billion wiped off in the last three days.

- A range of cryptos are eyeing 2018 lows.

IG Client Sentimentshows how clients are currently positioned in a wide range of cryptocurrencies and how positioning has changed over the last week, and retail remain heavily long despite recent price falls.

Cryptocurrency Market Racking Up Heavy Losses

The crypto market has shed nearly $50 billion in the past three days and the short-term chart set-ups remain bearish with price action producing lower highs and lower lows across a range of coins. Market heavyweight Bitcoin (BTC) may be looking to establish a trading range, which would help traders recover confidence in the space, while other coins are likely to fall further in the short-term.

The Ether/Bitcoin spread is one way of de-risking the market to a certain level, leaving investors the opportunity to trade the two companies/networks against each other.

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 Demo Account. In addition we run a Weekly Bitcoin Webinar and have an IG Bitcoin Sentiment Indicator to help you gauge the market and make more informed trading decisions.

Is the cryptocurrency cracking? Share your thoughts and ideas with us using the comments section at the end of the article or you can contact me on Twitter @nickcawley1 or via email at nicholas.cawley@ig.com.

--- 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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