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Bitcoin, Ethereum, Ripple Prices: Cryptocurrencies Lose 25%

Bitcoin, Ethereum, Ripple Prices: Cryptocurrencies Lose 25%

2018-11-21 13:12:00
Nick Cawley, Strategist
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Bitcoin, Bitcoin Cash, Ethereum, Ripple: Prices, Charts and Analysis

  • Cryptocurrencies fall between 25% and 50%.
  • Overall market capitalization down by nearly USD60 billion.

Cryptocurrency Market – Calm Before (Another) Storm?

Cryptocurrency market leader Bitcoin (BTC) touched a 14-month low of $,4051 on Tuesday evening before recovering back to around $4,400, but the bounce is unlikley to continue as sellers remain dominant in the market. Support levels on some charts are still a distance away, while other, newer, coins have little previous price action down at these levels. We warned over the last two months that tight markets and low volume can quickly spark a sharp breakout, either way, and the overall technical set-up of most coins – descending triangles – always pointed to lower prices.

Bitcoin Daily Price Chart (august 2017 – November 21, 2018)

Bitcoin, Ethereum, Ripple Prices: Cryptocurrencies Lose 25%

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.

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 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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