Bitcoin, Ethereum, Ripple News - Recovery Weak, Support Lacking
Bitcoin, Bitcoin Cash, Ethereum, Ripple: Prices and Analysis
- Market finding some stability, but fears of further sell-offs remain.
- Retail investors remain heavily long cryptocurrencies.
Cryptocurrency Market Sell-Off Remains in Play
Cryptocurrency market leader Bitcoin (BTC) touched a 14-month low of $,4051 on Tuesday evening before recovering to its current level of $4,420. This muted response to the latest heavy sell-off highlights the ongoing weakness of the market that will see lower prices in the coming weeks. Some coins are down between 30% and 50% in the last week and these losses are unlikely to be mad eback.
Prices via CoinMarketCap.
From a technical perspective, the charts remain weak with the next levels of support some way below current prices. We have been warning for many weeks at our Weekly Cryptocurrency Webinar – every Wednesday at 12:00pm - that the markets were far too quiet with low volume and very tight trading ranges. This combination, especially in an asset class with historically high levels of volatility, will always spark a sharp market move.
Bitcoin (BTC) Current Price $4,425 – Next Support $2,970
Ripple (XRP) Current Price $0.44 – Next Support $0.375
Ethereum (ETH) Current Price $134 – Next Support $114
Retail Investors Remain Heavily Long Across the Sector
Investors remain net-long cryptocurrencies but recent changes give us a mixed trading bias – for example the number of traders net-short Bitcoin is up 50% from last week. You can register to the IG Client Sentiment Indicator for free to get updated positioning data. The worry is that retail patience with cryptocurrencies may soon run out, sparking further selling into an already weak marketplace.
Bitcoin (BTC) – 76.6% net-long.
Bitcoin Cash (BCH) – 95.9% net-long.
Ripple (XRP) – 95.9% net-long.
Litecoin (LTC) – 90.8% net-long.
Ethereum (ETH) – 91.5% net-long.
Recent Cryptocurrency Articles:
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.
What’s your opinion on the latest cryptocurrency sell-off? 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 firstname.lastname@example.org.
--- Written by Nick Cawley, Analyst.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.