We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
GBP/USD
Bearish
USD/JPY
Bearish
Gold
Bullish
Oil - US Crude
Bearish
Bitcoin
Bearish
More View more
Real Time News
  • The Australian Dollar and New Zealand Dollar tend to rise with stocks. They have recently fallen despite gains in the #SP500. What does this mean for $AUDUSD and $NZDUSD ahead? #AUD #NZD #RBA #RBNZ - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/01/17/AUDUSD-NZDUSD-Outlook-Looks-Past-Stocks-to-Rate-Cut-Bets.html?CHID=9&QPID=917702 https://t.co/ddf2fV7Kyl
  • A few snippets from today's commentary. Check out the link below for the full story (via @DailyFX). https://t.co/I31tuq764r https://t.co/x0BaiOFA1P
  • Have you joined @DailyFX @facebook group yet? Discuss your #forex strategies and brush up on your skills with us here: https://t.co/jtY1G7g8yx https://t.co/e2YrN3dBrl
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.00%, while traders in France 40 are at opposite extremes with 79.59%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/UL7hqSD2Ki
  • US Dollar Forecast: $USD Lacking Impetus Ahead of Consumer Sentiment #Forex traders shift focus away from US-China trade deal headlines - perhaps toward the monthly release of #ConsumerSentiment data for volatility and clues on the Greenback's next move https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2020/01/16/us-dollar-forecast-usd-lacking-impetus-ahead-of-consumer-sentiment.html
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.11% 🇦🇺AUD: -0.02% 🇯🇵JPY: -0.03% 🇨🇭CHF: -0.05% 🇬🇧GBP: -0.06% 🇨🇦CAD: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Kxcb9EtIWb
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.45% France 40: 0.26% Wall Street: 0.07% US 500: 0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/I5YIsKQAog
  • 🇯🇵 JPY Tertiary Industry Index (MoM) (NOV), Actual: 1.3% Expected: 1.0% Previous: -5.2% https://www.dailyfx.com/economic-calendar#2020-01-17
  • The $JPY has weakened as a bounce-back in risk appetite saps haven-asset demand. However, the old uptrend line still provides clear resistance. Get your market update from @DavidCottleFX HERE:https://t.co/IMhgQ9jbF9 https://t.co/I7087olftk
  • Heads Up:🇯🇵 JPY Tertiary Industry Index (MoM) (NOV) due at 04:30 GMT (15min), Actual: N/A Expected: 1.0% Previous: -4.6% https://www.dailyfx.com/economic-calendar#2020-01-17
Bitcoin, Ripple, Litecoin Prices - Latest Rally May Have Further to Run

Bitcoin, Ripple, Litecoin Prices - Latest Rally May Have Further to Run

2019-05-15 14:00:00
Nick Cawley, Analyst
Share:

Bitcoin (BTC), Ripple (XRP) and Litecoin (LTC) Price Outlook, Chart and Analysis:

  • Crypto-rally backed up by huge increase in volume.
  • Any sell-offs may suggest a new entry point.

IG Client Sentiment Datashow how retail are positioned in a variety of cryptocurrencies. See how daily and weekly positioning can affect our trading bias. Bitcoin (BTC) trade data show 76.6% of traders are net-long, a strong contrarian bearish signal. However, recent daily and weekly changes in sentiment suggest that Bitcoin may soon move higher.

Bitcoin (BTC) Rally May Target $10,000

The recent jump in Bitcoin may not be its last if any sell-off consolidates around the $7,400 level, and if the latest pick-up in volume continues. Bitcoin daily turnover hit just USD 32 billion on Tuesday, nearly six times the volume seen in mid-February when prices were stagnant around $3,650.The 40%+ rally in May has had no fundamental drivers but the charts have pointed to various attainable resistance levels that, if broken, would lead to further moves higher. A period of consolidation may be needed before the next move higher – preferably above $7,400 – and if this is the case, an old swing-high at $8,481, the 61.8% Fibonacci retracement around $9,400 and the May 4, 2018 high at $9,957 all need to be considered.

A Guide to Day Trading Bitcoin and Other Cryptocurrencies.

Bitcoin (BTC) Daily Price Chart (April 2018 – May 15, 2019)

Bitcoin, Ripple, Litecoin Prices - Latest Rally May Have Further to Run

Ripple (XRP) Looking Overbought in the Short-Term

Another cryptocurrency that exploded higher in the last week and back to highs last seen in mid-December last year. While the Bitcoin chart looks overbought, Ripple looks extremely overbought using the CCI indictor and if the past is anything to go by, a sell-off may be on the cards. Initial support kicks-in around $0.37 - $0.38 ahead of a recent double-top and the 200-day moving average around $0.34. To the upside $0.57 followed by $0.77, the September 2018 ‘spike-high’.

Ripple (XRP) Daily Price Chart (June 2018 – May 15, 2019)

Bitcoin, Ripple, Litecoin Prices - Latest Rally May Have Further to Run

Litecoin (LTC) Eyes $100 as Next Bull Target

Litecoin has moved higher, but in not such as explosive fashion as other cryptos and remains below the two-day spike at $100 seen in late April. This is the first target for a move higher, followed by an old swing-high at $128 and the May 2018 high at $183. The five recent higher lows in a row should provide support against any sell-off. Again, the chart looks overbought but has come off its recent peak.

Litecoin (LTC) Daily Price Chart (June 2018 – May 15, 2019)

Bitcoin, Ripple, Litecoin Prices - Latest Rally May Have Further to Run

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on Bitcoin, Riple and Litecoin – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.