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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, Strategist

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

- Japanese FSA announcement knocks market sentiment.

- Chart levels have proved reliable to date.

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 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)

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

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 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.

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