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Cryptocurrencies: Trading Ranges Holding; Google Searches Slump | Webinar

Cryptocurrencies: Trading Ranges Holding; Google Searches Slump | Webinar

Nick Cawley, Strategist

Cryptocurrency News and Talking Points

- Google trend searches for a range of cryptocurrencies have fallen off a cliff.

- Charts show support levels holding sway and prices drifting higher.

IG Client Sentimentshows how clients are currently positioned in a wide range of cryptocurrencies and how positioning has changed over the last week.

Cryptocurrency Market Recovery Continues – Google Searches Fall Sharply

A look at Google analytics show that searches for Bitcoin (BTC), Ether (ETH), Ripple (XRP) and a range of other cryptocurrencies have fallen dramatically after the market slumped at the start of the 2018. While investor interest has fallen, the number of net-long retail customers remains near to all-time high levels, suggesting investors continue to hold positions despite lower prices. The Google trend data may suggest that investors looking for quick returns have moved on and that going forward the market will continue to mature. Recent trading ranges give credence to this with support levels holding, allowing the market to push gently higher.

Google Trends – Bitcoin

Cryptocurrencies: Trading Ranges Holding; Google Searches Slump | Webinar

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 to help you keep in touch with the market and make more informed trading decisions.

What’s your opinion on the latest cryptocurrency moves? 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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