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Bitcoin, Ether, Ripple, Litecoin Chart Analysis - Off Multi-Month Lows

Bitcoin, Ether, Ripple, Litecoin Chart Analysis - Off Multi-Month Lows

Nick Cawley, Senior Strategist

Prices, Charts and News - Bitcoin, Ripple, Ether, Litecoin

- Japanese FSA announcement knocks market sentiment.

- Chart levels have proved reliable to date.

Bitcoin Hits a Seven-Month Low

Bitcoin traded at a new seven-month low of $5,769 on Sunday as sellers continued to dominate. The BTC price has picked back up to currently trade around $6,150, but the seven-month low at $5,649 remains in sight and is likely to be tested again on the short-term. If this level is broken convincingly, prices are likely to dip below $5,000 with the September 15 low at $2,970 the eventual target.

The latest sell-off was sparked by news that the Japanese Financial Services Agency (FSA) demanded that six domestic cryptocurrency exchanges to strengthen money laundering controls and internal accounting. Japan’s largest exchange bitFlyer announced that it is suspending new accounts until it makes all the necessary changes.

Bitcoin (BTC) Daily Price Chart in US Dollars (November 2017 – June 25, 2018)

Ripple, Ether, Litecoin – Chart Levels

We identified Ripple, Ether and Litecoin support levels on Friday and they held well in the face of the sell-off. The worry remains that with market sentiment still weak, and buyers absent, sellers could still move the market lower on small volume.

Essential Cryptocurrency Trader Resources

If you are interested in trading Bitcoin, Ripple, Ether or Litecoin we can offer you an informative Introduction to Bitcoin Trading Guide.

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.

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