News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Mixed
GBP/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • NY Federal Reserve GDP Nowcast is raised to 8.68% from 8.3% last week. #Fed $USD
  • $AUDCAD has continued to weak today, now trading around the 0.9800 level. The pair is down almost 200 pips from the multi-year highs hit just shy of the 1.0000 level yesterday. $AUD $CAD https://t.co/hffaXojF5j
  • $Gold trying to build a base off of that 1725 level - one minute chart so super small sample size. but that bearish run was aggressive $GC $GLD https://t.co/USjAU0lcig https://t.co/uubVG4Jpe2
  • Now up 40 handles from the $SPX's stalled break down. Looks like we are in for yet another interesting, intraday volatility day
  • Forex Update: As of 15:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: -0.19% 🇯🇵JPY: -0.33% 🇪🇺EUR: -0.41% 🇨🇦CAD: -0.45% 🇳🇿NZD: -1.11% 🇦🇺AUD: -1.34% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/e6FkqKIOLF
  • - There’s No Fundamental Justification For A Tightening Of Nominal Bond Yields At The Long End - Governing Council Should Instruct Board At March 11 Meeting To Fight Unwarranted Tightening Of Financing Conditions
  • Indices Update: As of 15:00, these are your best and worst performers based on the London trading schedule: US 500: -0.17% Germany 30: -0.70% Wall Street: -0.85% France 40: -1.46% FTSE 100: -2.32% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/rgg0WIgTxK
  • ECB's Stournaras says ECB should accelerate PEPP purchases
  • Another brutal day for gold as it breaks beneath prior February lows Read more - https://www.dailyfx.com/forex/market_alert/2021/02/25/Gold-Price-Plummets-as-Treasury-Yields-Soar-Where-to-Next-for-Gold.html?ref-author=phanks&QPID=917701&CHID=9 $GLD $XAU https://t.co/5qpaELXVLz
  • $Gold sell-off getting nasty just started to test 38.2 of the 18-20 major move ~1725 $GC $GLD https://t.co/1cb3hjRAR2 https://t.co/nXy6gomZU0
Technical Chart Analysis - Bitcoin, Ether, Ripple, Litecoin

Technical Chart Analysis - Bitcoin, Ether, Ripple, Litecoin

Nick Cawley, Strategist

News and Talking Points - Bitcoin, Ripple, Ether, Litecoin

- Prices ending the week higher in low turnover.

- If chart support levels hold, further gains may be on the cards.

To see how retail traders are currently positioned in cryptocurrencies and what it means for the market looking forward, download the IG Client Sentimentpage.

Bitcoin Building a Base for Another Move Higher?

The largest cryptocurrency ends the week marginally higher and is currently building a base for a potential move higher, while the RSI indicator sees BTC bouncing back from oversold territory. BTC has good support between $5603 and $6438 and is unlikely to threaten support in the short-term – all things being equal. On the upside $8578 looks a likely first target before the coin re-tests the recent the recent high just above $10,000.

Bitcoin (BTC) Daily Price Chart in US Dollars (October 2017 – June 1, 2018)

Technical Chart Analysis - Bitcoin, Ether, Ripple, Litecoin

Ripple Remains Rangebound

Ripple continues to trade either side of $0.60 and likely needs a fresh fundamental push to break this level. IG Client Sentiment continues to show that retail is heavily net-long the token – currently around 96% - which does leave a possible sharp move to the downside a possibility. Support between $0.54 and $0.58 should hold in the short-term although a sell-off back to $0.46 cannot be discounted. A break and close above $0.96 would put bulls back in control of short-term price action.

Ripple (XRP) Daily Price Chart in US Dollars (February – June 1, 2018)

Technical Chart Analysis - Bitcoin, Ether, Ripple, Litecoin

Ether’s Higher Lows Point to Further Gains

A series of five higher lows this week helped Ether rebound strongly from the $500 area and leaves the token eyeing $600 or potentially higher. Upside targets include the 20- and 50-day moving averages, at $633 and $644 respectively before the 200-day ma comes into play just above $700. On the downside $500 should provide solid support with $454 below.

Ether (ETH)Daily Price Chart in US Dollars (February – June 1, 2018)

Technical Chart Analysis - Bitcoin, Ether, Ripple, Litecoin

Litecoin Needs Further Consolidation

Litecoin bounced off the double low around $109 made in late-March/early-April early in the week and has been creeping higher ever since. LTC needs to consolidate above the $124 - $129 level - the gap formed on the May 22/May 23 candles – before it can be seen in a positive light. Above this level $140 is the next resistance level. On the downside $109 should provide a reasonable level of support ahead of $103.

Litecoin (LTC) Four Hour Price Chart in US Dollars (January – June 1, 2018)

Technical Chart Analysis - Bitcoin, Ether, Ripple, Litecoin

Essential Cryptocurrency Trader Resources

If you are interested in trading Bitcoin, Ripple, Ether or Litecoin 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 run a Weekly Bitcoin Webinar and have an IG Bitcoin Sentiment Indicator to help you gauge the market and make more informed trading decisions.

What’s your view of the cryptocurrency market – oversold or overbought? You can leave your comments in the section below or you can contact the author by 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.

DISCLOSURES