0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Mixed
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/1G7CRsegRX https://t.co/i342ipPuvW
  • Why financial market traders must monitor both monetary and fiscal policy? Find out from @MartinSEssex here:https://t.co/Fkzk88Y5gm https://t.co/tHp0Nb3Tr5
  • USD/JPY is bucking the trend in USD weakness, tentatively putting it on a path towards higher levels. Get your $USDJPY technical analysis from @PaulRobinsonFX here: https://t.co/RnrBCFE3gt https://t.co/hTSdTcIwZY
  • The Canadian Dollar gained with government bond yields. Might USD/CAD find its way to current 2020 lows? Canada’s benchmark stock index, the TSX Composite, faces the March high.Get your $USDCAD market update from @ddubrovskyFX here:https://t.co/0Ba8E2S7vC https://t.co/JLUTzF6xlY
  • IG Client Sentiment is warning that the S&P 500, gold prices and AUD/USD could fall ahead as upside exposure accumulates. What are key technical levels to watch for next? Find out from @ddubrovskyFX here: https://t.co/YsBypn73vy https://t.co/erPb9HMRVc
  • The US Dollar could be readying to rise against the Singapore Dollar and Indonesian Rupiah ahead. Will USD/PHP and USD/MYR also follow this outlook? Find out from @ddubrovskyFX here: https://t.co/xvMPZha5SB https://t.co/P9QLmnY1Fg
  • The Euro has been struggling to maintain its upside momentum. Is EUR/USD readying to turn lower? EUR/AUD may be aiming to rise, but has EUR/CAD topped? Find out from @ddubrovskyFX here: https://t.co/vlJM3iQIYS https://t.co/8FGl10wDto
  • Third consecutive weekly gain in the #SP500 as of today's close, rising 0.63% #Fed balance sheet gained by 0.18% over the same period after shrinking -0.06% previously Generally speaking, the size of the b/s has remained more or less unchanged for a month https://t.co/0TrEA5RGmA
  • The outlook for gold might look a little tenuous at the moment, but this won’t be the first time a strong bull market has shown signs of a potential top due to short-term price action. Get your $XAUUSD technical analysis from @PaulRobinsonFX here: https://t.co/N8a84hRnHN https://t.co/jCEkFzCxEr
  • Well, I don't know who has had it worse this week: Barca or Kodak
Bitcoin (BTC) Soars, Ripple (XRP) Flatlines: Prices, Charts and Analysis

Bitcoin (BTC) Soars, Ripple (XRP) Flatlines: Prices, Charts and Analysis

2018-07-24 08:10:00
Nick Cawley, Strategist
Share:

Bitcoin (BTC) and Ripple (XRP): Prices, Charts and Analysis

  • Bitcoin rallies as ETF chatter grows louder.
  • Ripple unable to break higher as classification worries persist.

IG Client Sentiment Report:

Bitcoin (BTC) – Clients 78.3% net-long/positional changes show bullish bias.

Ripple (XRP) – Clients 97.1% net-long/positional changes show bullish bias.

Bitcoin (BTC) Rallies on ETF Expectations

Bitcoin (BTC) has burst back above $8,000 for the first time since late-May as rumors that an ETF will be granted soon drives the price higher. According to market news, the US SEC is seriously considering whether to approve an application for a Bitcoin ETF with news on the ruling expected within a month. An openly traded ETF will allow investors to trade Bitcoin, from either a long or short position, adding liquidity and allure to the cryptocurrency. Van Eck Associates and SolidX Partners have filed a request with the SEC to list a physically-backed Bitcoin ETF. Earlier this year the SEC rejected a filing for the Winklevoss Bitcoin Trust ETF.

The latest rally – BTC is up around 30% since July 13 – has taken out a raft of resistance levels on the chart and leaves the way open for higher prices in the short-term. A small double top in late May at $8,600 is the first target before 61.8% Fibonacci retracement at $9,385 and the 200-day moving average at $9,640 come into play. Support at $7,052 should be robust. Bitcoin now accounts for 46.7% of the market, up from mid-30% in May.

Bitcoin (BTC) Daily Price Chart (September 2017 – July 16, 2018)

Bitcoin (BTC) Soars, Ripple (XRP) Flatlines: Prices, Charts and Analysis

Ripple (XRP) – The Struggle Continues

The third-largest cryptocurrency by market capitalisation is unable to cash in on the latest cryptocurrency rally and continues to trade around $0.45 as buyers take a step back. The fear for Ripple holders is that the token may soon be classified as a security by the SEC which would then make it unattractive for unregulated exchanges to list XRP.

Ripple is currently trading either side of $0.46 – support seen back in April – and will likely break to the downside further if the recent double-low at $0.425 is taken out. XRP continues to trade below its 200-day moving average and is now being press further lower by the 20- and 50-day ma.

Ripple Four Hour Price Chart (June 7 – July 24, 2018)

Bitcoin (BTC) Soars, Ripple (XRP) Flatlines: Prices, Charts and Analysis

We cover Bitcoin, Ripple and a range of other cryptocurrencies, at our Weekly Cryptocurrency Webinar on Wednesday.

What are your views on Bitcoin and Ripple - 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.

DISCLOSURES

News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.