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Bitcoin, Ethereum, Ripple Prices Remain Weak | Webinar

Bitcoin, Ethereum, Ripple Prices Remain Weak | Webinar

2018-12-12 13:02:00
Nick Cawley, Strategist
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Bitcoin, Bitcoin Cash, Ethereum, Ripple: Prices, Charts and Analysis

  • Cryptocurrency market capitalizations hovers above $100 billion.
  • Charts remain negative and support levels are increasingly hard to find.

Cryptocurrency Market Bounces But Finds Sellers

On a week-to-week basis, the cryptocurrency market is another 8%-10% lower with low volumes and tight trading ranges visible on most charts. Any uptick is finding sellers and a lot of cryptos are now trading at or below levels seen when they were originally launched or sponsored. There is a complete lack of positive signs on the charts and sentiment in the market remains negative. Of the major cryptos, Ripple (XRP) has a potential positive set-up if it breaks and closes above $0.56 to brek a pattern of lower highs.

Ripple Daily Price Chart (May - December 12, 2018)

Bitcoin, Ethereum, Ripple Prices Remain Weak | Webinar

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 from last week. You can sign up to the IG Client Sentiment Indicator for free to get updated positioning data.

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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