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Bitcoin, Ether, Ripple - Prices Plunge, Sentiment Sours | Webinar

Bitcoin, Ether, Ripple - Prices Plunge, Sentiment Sours | Webinar

2018-08-08 12:15:00
Nick Cawley, Strategist
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Cryptocurrency Prices, News and Technical Analysis

  • SEC delays ruling on Bitcoin ETF.
  • Market sentiment turns increasingly weak, weighing heavily on the space.

Cryptocurrency Prices Slump 10%

After a period of quiet consolidation, a decision by the SEC to delay a ruling on the proposed VanEck/SolidX Bitcoin ETF until the end of September. While not a complete surprise, the market took the news badly and sold-off quickly. Most cryptos are now either near or on important support levels, which if broken could see further double-digit losses in the near-term. Some coins are now likely to give back all of the December-January surge.

Overall market sentiment remains weak with any rebound/rally seen as a clear opportunity to sell long positions or open shorts. Overall turnover is low - aiding sharp price moves - while the market as a whole is now valued at $230 billion, the lowest level this year and down from the $830 billion all time high.

Bitcoin, Ethereum, Ripple Price Analysis

Bitcoin (BTC) Daily Price Chart (November 2017 – August 8, 2018)

Bitcoin, Ether, Ripple - Prices Plunge, Sentiment Sours | 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 crash? 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.

https://www.dailyfx.com/sentiment?ref-author=Cawley

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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