Bitcoin, Ethereum, Ripple Prices - Cryptocurrency Carnage Continues
Bitcoin, Bitcoin Cash, Ethereum, Ripple: Prices, Charts and Analysis
- Prices hammered lower, back to levels last seen in 2017.
- Charts remain negative, further falls likely.
Cryptocurrency Market Slumps to a Multi-Month Low
The cryptocurrency market sell-off continues as sellers take complete control of the market and push prices through noted support levels with ease. Volume has picked up in the sell-off confirming the negative picture although volume is still less than half the turnover seen in the December/January bull surge. According to client sentiment, retail remain heavily long of cryptocurrencies although this may begin to change if heavy losses continue.
A numer of factors are driving prices lower including the contentious Bitcoin Cash fork, the delay of Chinese Bitcoin miner Canaan’s IPO and last Friday’s SEC release classifying two ICOs as securities. We have warned over the past weeks that the cryptocurrency market has been displaying classic breakout potential with a once volatile asset trapped in ultra-tight trading ranges on very low volume. The fear is that investors who have been holding in the hope that prices will recover will throw in the towel, causing prices to fall further and faster as buyers stay on the sidelines.
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The daily Bitcoin chart remains negative despite the extreme oversold condition shown by the RSI indicator. All recent support levels have been broken with ease with the next level of any technical support kicking in at $2,970, the September 15, 2017 swing low.
Bitcoin (BTC) Daily Price Chart (February – November 20, 2018)
Ripple (XRP) has been lagging the market but now is coming under heavy selling pressure and is registering a double-digit loss. The SEC ruling last week – that two ICOs were securities – will affect Ripple as many think that XRP should already be classified as a security. If a coin becomes classified as a security it, and the exchange it is traded on, comes under increased regulatory scrutiny. The latest XRP chart shows horizontal support at $0.375 currently guarding a further fall down to the August 14 low at $0.247.
Ripple (XRP) Daily Price Chart (April – November 20, 2018)
We look at Bitcoin, Ethereum, Ripple, Bitcoin Cash and a variety of 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 cryptocurrency market? 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 email@example.com.
--- Written by Nick Cawley, Analyst.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.