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Bitcoin & Ripple Technical Analysis - Charts Point to Further Losses

Bitcoin & Ripple Technical Analysis - Charts Point to Further Losses

2018-08-10 10:30:00
Nick Cawley, Strategist
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Bitcoin, Ethereum, Ripple: Prices, Charts and Analysis

  • Bitcoin (BTC) is looking to break back below $6,000.
  • Ripple (XRP) continues to fade away.

IG Client Sentiment Reportshows that retail investors remain heavily long of Bitcoin (BTC) and Ripple (XRP). See how daily and weekly changes shift sentiment.

Bitcoin (BTC) Rebound Sold-Off

The latest mini-rally in Bitcoin has yet again been thwarted by sellers, with the price nearing its recent low as confidence in the cryptocurrency marker remains at a low ebb. BTC trades below all three moving averages and is below $6,438, the swing low made on April 1 that saw the coin move back up to $10,000. Further price action under this level would see BTC head below $6,000 and towards support at $5,932, the February 6 low. Below here the November 6 low at $5,622 comes into play. A sustained break above $7,000 is needed to change the short-term bearish outlook.

We cover Bitcoin, Ripple, Ethereum and a range of other cryptocurrencies, at our Weekly Cryptocurrency Webinar on Wednesdays at 12:00pm.

Bitcoin Four Hour Price Chart (June 28 – August 10, 2018)

Bitcoin & Ripple Technical Analysis - Charts Point to Further Losses

Ripple (XRP) May Give the Last Nine Months Gains Back

Ripple continues to slip lower and will find a sustained rally tricky. After breaking below strong support at $0.425 – which now becomes strong resistance – recent price action shows a small rebound being sold-off. Due to the explosive December – January rally which saw XRP soar from $0.20 to $3.30, a lack of any technical support around current levels is notable on the charts. Ripple may now slowly trade all the way back down to the $0.20 level where we would then reevaluate the token’s prospects.

Ripple Four Hour Price Chart (July 7 – August 10, 2018)

Bitcoin & Ripple Technical Analysis - Charts Point to Further Losses

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.

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