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)
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.
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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.
