Bitcoin, Ether, Ripple Prices, News and Technical Analysis
- Bitcoin hits a two-month high of $8,480.
- Market needs to consolidate before a further push higher.
Cryptocurrency Market Capitalization Nears $300 Billion
Rumours that a Bitcoin ETF is in the wings and just waiting for SEC approva lsent the largest cryptocurrency sharply higher and back to levels last seen in mid-May this year.Subsequent commentary from the SEC indicating that the process will take longer than current market expectations has taken the shine of the rally. While the cryptocurrency market remains susceptible to rumours, and may be entering the second stage of ‘buy the rumour, sell the fact’, the rally has changed the technical outlook of Bitocin’s chart. Resistance levels that previously held sway have now turned into support and should hold in the case of a sell-off. A period of consolidation is now needed if the market, as a whole, is to break higher to strengthen support levels.
Ripple (XRP) however remains mired and has missed the market uplift and remains just above important support that has held since early April. A break lower remains a possibility with little in the way of strong support seen on the chart.
Bitcoin Daily Price Chart (December 2017 – July25, 2018)
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If you are interested in trading Bitcoin, Bitcoin Cash, Ethereum, Litecoin or Ripple we can help you begin your journey with our Introduction to Bitcoin Trading Guide.
What’s your opinion on the latest market mini-rally – Buy it or Sell it? 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.
