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Bitcoin, Litecoin, XRP Price Outlook: Cryptos Continue Slide

Bitcoin, Litecoin, XRP Price Outlook: Cryptos Continue Slide

Peter Hanks, Strategist

Bitcoin, Litecoin, XRP Price Outlook:

  • On the hourly chart, Bitcoin is testing the 200-day moving average around $10,800
  • Similarly, Litecoin is clinging to a technical level around $136
  • XRPUSD runs the risk of slipping back into a recent range

Bitcoin, Litecoin, XRP Price Outlook: Cryptos Continue Slide

After Bitcoin dropped roughly $2,000 in 10 minutes on Wednesday, the cryptocurrency market has experienced elevated volatility ever since. Alongside BTCUSD, Litecoin and XRP suffered declines of varying magnitude. Regardless, the three cryptocurrencies still enjoy positive returns in the year-to-date at 186%, 265% and 7.5% respectively. As the weekend approaches and the prospect of heightened volatility along with it, here are the price levels to watch for some of the major digital assets.

Bitcoin Price Chart: 1 - Hour Time Frame (June 20 – 27) (Chart 1)

bitcoin price chart crash

As evidenced by Wednesday’s price action, Bitcoin will take cues from the two nearest Fib levels at $13,500 and $11,500. Further, the 200-day moving average on the hourly chart buoyed price once on Thursday already, which speaks to its price influence. To that end, continued tests of the line speak to bearish interest while simultaneously displaying the unwillingness of bulls to surrender the level. Should bears win out, the $10,000 psychological level and the 38.2% Fib at $9,545 will come into play as subsequent areas of support.

Bitcoin Price Chart: Daily Time Frame (January – June) (Chart 2)

BTCUSD price chart bitcoin crash

While the near-term appears relatively weak, a snapshot of the longer-term remains constructive for trend continuation. Critically, the ascending trendline beginning in mid-May will be an important level to watch if earlier lines of defense are taken out.

Litecoin Price Outlook

With a year-to-date return of 265%, Litecoin’s ascent rivals that of the Falcon Heavy Rocket. That being said, LTCUSD is experiencing turbulence of its own – plummeting from recent highs around $145 to trade around $115 at the time of this article’s publication.

Litecoin Price Chart: Daily Time Frame (January – June) (Chart 3)

litecoin price chart crash

From the technical perspective, a close above $116 – the 23.6% Fib from the coin’s all-time high to its recent low in December 2018 - would offer encouragement for the future. If LTC is unable to deliver such a performance, the $100 psychological level will be the next on the chopping block. To the topside, an ascending trendline from April will be the first test, with subsequent resistance at the recent highs around $140.

XRP Price Outlook

Unlike BTC and LTC, XRP has had an unremarkable year and is clinging to its remaining gains. After tumbling beneath the 61.8% Fib at 0.4565, XRP runs the risk of becoming trapped between the 61.8 and the 78.6 beneath – as it was during most of May and June. In this scenario, the 78.6 Fib at 0.3650 is the line in the sand to which XRP will look to hold above before the 200-day moving average enters the frame.

XRP Price Chart: Daily Time Frame (January – June) (Chart 4)

XRP price chart crash

Despite the immense volatility and uncertainty, IG Client Sentiment Data reveals traders remain net-long all cryptocurrencies offered by IG. For further insight on retail positioning in the cryptocurrency market, sign up for my IG Client Sentiment Walkthrough Webinar. In the meantime, follow @PeterHanksFX on Twitter for technical and fundamental analysis on Bitcoin and other major assets.

--Written by Peter Hanks, Junior Analyst for

Contact and follow Peter on Twitter @PeterHanksFX

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