Skip to Content
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. See our updated Privacy Policy here.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
Bitcoin, Ethereum, Ripple - Prices Hammered Lower

Bitcoin, Ethereum, Ripple - Prices Hammered Lower

Nick Cawley, Senior Strategist
What's on this page

Cryptocurrency News, Prices and Analysis

  • Tight ranges broken with ease.
  • Chart set-ups point to further losses.

Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) – Technical Breakdown

Nearly $15 billion was wiped off the cryptocurrency market capitalization – now $201 billion - in a matter of a few hours as major coins registered double-digit losses and broke through technical support levels with ease. We warned yesterday at our Weekly Cryptocurrency Webinar that recent narrow trading ranges were a breeding ground for a sharp breakout, either way.

Bitcoin, Ethereum, Ripple: Beware of Tight Ranges | Webinar

Another negative sign for the market as a whole was that Wednesday’s breakdown was made on releatively light volume - around $15 billion – and little buying appeared at these lower levels. For example the four-hour Bitcoin Cash (BCH) chart below shows the coin dropping around 12% without any buying interestb appearing. Noted support for BCH comes at $407, just over 10% lower than its current levels. If this breaks then $250 - $300 is on the cards.

DailyFX analyst Paul Robinson recently wrote last week that bitcoin “still has significant downside risk” and that it could decline another 85%.

Bitcoin Cash (BCH) Four-Hour Price Chart – October 11, 2018

Ripple Testing the Downtrend

We noticed recently that Ripple (XRP) had become constrained in a short-term downtrend, started from the September 30 high print at $0.62 and that a horizontal support at $0.427 was important if the market was to push higher. The latest breakdown has taken out this support level and XRP now trades under all three moving averages on the daily chart – a negative market set-up. The next level of support for Ripple is at $0.25.

Ripple (XRP) Daily Price Chart (April – October 11, 2018)

IG Retail Sentiment shows that traders are 95.1% net-long of Ripple.

Cryptocurrency Trader Resources

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 Bitcoin and the recent 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

--- Written by Nick Cawley, Analyst.

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