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Bitcoin, Ether, Ripple Analysis - Support Needs to Hold | Webinar

Bitcoin, Ether, Ripple Analysis - Support Needs to Hold | Webinar

2018-08-01 12:00:00
Nick Cawley, Analyst
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Cryptocurrency Prices, News and Technical Analysis

  • ETF market ‘noise’ has died down for now.
  • Latest sell-off needs to consolidate if prices are to move higher.

Cryptocurrency Prices Move Lower

Cryptocurrencies across the board fell, led by recent market outperformer Bitcoin, in quiet market conditions with little of note to explain the sell-off. A rumoured large sell order on Tuesday was countered by a large buy order later in the session but the net effect was Bitcoin (BTC) back at lows last seen one week ago. Most of the top 6 cryptos are now close to noted support levels which need to hold if the market wants to turn higher.

Ripple (XRP) yesterday bounced off strong support at $0.425 and needs to consolidate above here to move higher. However a break and close below here could see XRP fall all the way back to around $0.20 - $0.25, the starting point of the sharp rally up to the $3.35 area.

Ripple (XRP) Four Hour Price Chart (June 15 – August 1, 2018)

Bitcoin, Ether, Ripple Analysis - Support Needs to Hold | Webinar

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-slump? 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.

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