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Bitcoin, Ether, Ripple Analysis - Rally May be False | Webinar

Bitcoin, Ether, Ripple Analysis - Rally May be False | Webinar

Nick Cawley, Strategist

Cryptocurrency Prices, News and Technical Analysis

  • BlackRock and Coinbase news helps to improve market sentiment.
  • Latest rally needs consolidation if higher prices are to be made in the short-term.

Cryptocurrency Prices Spike Higher

Cryptocurrencies across the board jumped between 5% and 10% in a one-hour period on Tuesday, taking out several resistance levels in the process. The spike was accompanied by higher volume but the lack of any follow-through, and with some coins now drifting lower, the move may be a bull-trap. For the market to move higher the new support/old resistance levls now need to hold and volume pick-up again. Overall the market capitalization nears $295 billion, up from late-june’s low around $236 billion but still sharply lower from the $830 billion record high printed on Janaury 7 this year.

News that BlackRock is looking at cryptocurrencies and blockchain excited the market earlier this week along with news last Friday that digital exchange Coinbase was considering adopting five new altcoins.

Bitcoin Cash (BCH) ‘Spike’ – Daily Price Chart (August 2017 – July18, 2018)

Bitcoin, Ether, Ripple Analysis - Rally May be False | Webinar

We look at Bitcoin, and other cryptocurrencies, at our Weekly Cryptocurrency Webinar every Wednesday.

Cryptocurrency Trader Resources – Free Practice Trading Accounts, Guides, Sentiment Indicators and Webinars

If you are interested in trading Bitcoin, Bitcoin Cash, Ethereum, Litecoin or Ripple we can help you begin your journey. We have an Introduction to Bitcoin Trading Guide along with a Free Demo Account so you can practice trading this volatile asset class.

IG Sentiment Data show how retail are positioned in various cryptocurrencies and how changes in holdings can affect market sentiment.

What’s your opinion on the latest market mini-rally? 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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