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Bitcoin, Ethereum, Ripple -  Charts and Analysis for Next Week

Bitcoin, Ethereum, Ripple - Charts and Analysis for Next Week

2018-07-20 15:30:00
Nick Cawley, Strategist
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Bitcoin, Ripple, Ether – Charts, Prices and Analysis

  • Bitcoin (BTC) building for a push higher.
  • Ethereum (ETH) turning negative.
  • Ripple (XRP) needs to hold recent lows or further losses loom.

Altcoins Giving Back Recent Gains – Bitcoin Increases Market Dominance

The recent gains registered by a raft of altcoins – pumped higher by news that they may be listed by US exchange Coinbase – continue to be given back as enthusiasm fades. Against this background Bitcoin continues to gain market prominence and now commands a 45.1% market share, up from 35.7% in early May.

Bitcoin, Ethereum, Ripple -  Charts and Analysis for Next Week

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

Bitcoin Chart Supportive if $7,000 Area Holds Firm

Bitcoin continues to consolidate recent gains and may push further ahead if support between $6,800 (50-day moving average) and $7,052 (May 28-29 lows) holds. The last three candles on the chart below show very narrow trading ranges which may leave BTC vulnerable to a downturn although seven higher lows in a row suggest any falls will be contained. The RSI indicator is also just starting to turn lower, a negative technical sign, but the reverse head and shoulders pattern – June 10 to July 17 – lends weight to a move higher in the short-term.

Bitcoin (BTC) Daily Price Chart in US Dollars (September 2017 – July 20, 2018)

Bitcoin, Ethereum, Ripple -  Charts and Analysis for Next Week

Ethereum Fails to Break $500 Decisively

Ethereum has failed to close, decisively, back above $500 since June 21 and is currently tending lower. Last week’s surge in cryptocurrency prices has been partially retraced with a full retracement suggesting $417 is likely if the bear trend persists. And a look at the four-hour chart suggests a head and shoulders pattern is near completion which may also point to lower prices on the horizon.

Ethereum (ETH) Four-Hour Price Chart in US Dollars (May 17 – July 20, 2018)

Bitcoin, Ethereum, Ripple -  Charts and Analysis for Next Week

Ripple Looks Weak on the Four-Hour Chart

After breaking back above $0.52 at the start of the week, Ripple has once again fallen back to the familiar $0.45 trading area which guards the recent double-low at $0.425. XRP is now below all three moving averages and the RSI is just starting to turn lower. Ripple’s standing as the third largest cryptocurrency is also at risk with Bitcoin Cash just $4 billion away.

Ripple (XRP) Four-Hour Price Chart (May 23 – July 20, 2018)

Bitcoin, Ethereum, Ripple -  Charts and Analysis for Next Week

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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